Micron Technology is set to report its earnings soon, with expectations of $0.51/share on $6.64 billion in revenue. The unofficial Whisper number is slightly higher at $0.55/share. Despite fluctuating earnings in recent years, with a huge jump in 2018 and drops in 2019 and 2020, the company is expected to see growth in 2024 with earnings projected to reach $8.53/share. Despite this rocky history, the stock is trading near an all-time high, giving a bullish outlook.
Technically, Micron Technology is performing well, with the stock hitting a fresh all-time high and trading above its moving average lines. The number of high-ranked funds investing in the company has also increased, indicating healthy institutional demand. The company’s profile includes designing, developing, manufacturing, and selling memory and storage products globally across various segments, including compute and networking, mobile, embedded, and storage. Its products are aimed at a variety of markets, including cloud server, enterprise, client, graphics, networking, industrial, automotive, smartphone, and mobile devices.
Market participants are advised to pay attention to how the stock reacts to the news during earnings season, as this can be a crucial indicator of market sentiment. It is important to keep losses small and not argue with the tape. Micron Technology has been featured on FindLeadingStocks.com, a member’s only newsletter that highlights stocks breaking out or setting up to break out, helping investors identify the strongest stocks in the market. A free trial is offered to see how this newsletter can assist in finding and owning leading stocks.
With the stock currently trading near $141 and hitting a record high of $157.54, there is anticipation for big moves following the earnings report. Depending on the outcome, the stock could gap up if the numbers exceed expectations or gap down if they disappoint. The trading pattern and technical indicators suggest a strong bullish sentiment in the stock, with potential for further growth. Despite past fluctuations in earnings, the company’s outlook is positive, with projected growth in earnings for 2024. Investors are advised to stay alert and monitor the stock’s reaction to the earnings report for valuable insights into market sentiment and potential future performance.
