Tom Reese/Paul Rubillo, Dividend.com
Micron Technology (MU) announced late Wednesday that it had a first quarter loss of $706 million, or 91 cents per share, during the period ended Dec. 4. That compared with a loss of $262 million, or 34 cents per share, a year earlier.
Revenues dropped 8.7 percent to $1.4 billion. Management refused to give any specific outlook for fiscal 2009, saying that any guidance was likely to be misleading given the uncertainties surrounding the industry.
The Bottom Line
Shares of Micron Technology are down over 65% this year and the stock is now trading at 1993 levels. The company has downside technical support in the $.75 cent-$1.00 area. Overhead resistance appears to be in the $3-4 area. We would avoid the temptation to bottom-fish at this time, and would look elsewhere for better opportunities.
Micron Technology (MU) does not currently pay a dividend.
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