Micron (MU) closed at $70.85 in the latest trading session, marking a +0.77% move from the prior day. This move outpaced the S&P 500's daily gain of 0.12%. Elsewhere, the Dow lost 0.2%, while the tech-heavy Nasdaq added 0.29%.
Prior to today's trading, shares of the chipmaker had gained 7.62% over the past month. This has outpaced the Computer and Technology sector's gain of 2.32% and the S&P 500's gain of 0.09% in that time.
Wall Street will be looking for positivity from Micron as it approaches its next earnings report date. This is expected to be September 27, 2023. The company is expected to report EPS of -$1.19, down 182.07% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.91 billion, down 41.2% from the prior-year quarter.
Any recent changes to analyst estimates for Micron should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Micron is currently sporting a Zacks Rank of #3 (Hold).
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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