Northern, WI 06/18/2013 (usastockreport) – Shares of Micron Technology, Inc. (NASDAQ:MU) closed at $13.24.The shares gained a 3.76% from its previous close at $12.76, The 52-week range for the stock is $5.16 to $13.50. The company total market capitalization stands at 13.64 billion and beta value of 1.30.
Chip maker MU has performed well for investors as it stock double in a span of year. The stock’s resurgence has been helped by NAND and DRAM (dynamic random access memory).
Third quarter results for Micron Technology would be of great significance as it would show whether the company can consistently perform on long term basis or not. Also analysts expect revenue of $2.22 billion, up 2.4% from last year. Improving pricing trend along with controlled supply and growing demand would continue in order to support the price of DRAM and NAND which will help Micron to meet consensus estimate.
Micron Technology has outperformed the broader S&P 500 Index (SPX) by 33.20% in past three months. Therefore the MU has received 12 month price hike from Sterne Agee and Wedbush. MU has received a bullish appraisal from the interested traders in the market.
The global player in the semi conductor device market has planned out to now focus on mDRAM due to rising and ever increasing demand for mobile devices. Micron primarily deals in providing valuable services in the field of development, manufacturing with principle focus on DRAM, NAND flash and NOR Flash memory. The DRAM segment has occupies around 40% of the valuation for MU.
However decline usage of PC’s over the increasing demand of mobile and tablets have led to a fall in the sales of DRAM memory device for the company. The market of DRAM market is also facing demand and supply mismatch in the market. To makeup this shortfall MU has turned its focus to the mobile DRAM devices.