Micron Shares Rise After Company Swings To Profit

Shares of Micron Technology Inc. (MU) jumped Wednesday a day after the chip maker swung to a profit on strong sales of memory processors.

Micron stock rose 5.2%, to $9.90, a day after the Boise, Idaho, chip maker reported a fiscal first-quarter profit of $204 million, or 23 cents a share, compared with a loss of $718 million, or 93 cents a share, for the year-earlier period. Revenue was $1.74 billion, up from $1.4 billion for the same quarter the previous year.

Analysts had expected the chip maker to report earnings of 6 cents a share on revenue of $1.6 billion, according to a consensus survey by FactSet Research.

"First-quarter earnings results simply soar past Street estimates," Wedbush analyst Betsy Van Hees said in a note. "Good times finally appear to be here."

Read Full Article from Wall Street Journal

- Posted: 2009-12-23 10:56:38

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