In the latest trading session, Micron (MU) closed at $55.12, marking a -1.13% move from the previous day. This change lagged the S&P 500's daily loss of 0.16%. Meanwhile, the Dow gained 0.01%, and the Nasdaq, a tech-heavy index, lost 0.02%.
Heading into today, shares of the chipmaker had gained 3.05% over the past month, outpacing the Computer and Technology sector's gain of 1.27% and the S&P 500's gain of 1.83% in that time.
Investors will be hoping for strength from Micron as it approaches its next earnings release, which is expected to be December 21, 2022. In that report, analysts expect Micron to post earnings of $0.02 per share. This would mark a year-over-year decline of 99.07%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.16 billion, down 45.93% from the year-ago period.
MU's full-year Zacks Consensus Estimates are calling for earnings of -$0.13 per share and revenue of $17.77 billion. These results would represent year-over-year changes of -101.56% and -42.21%, respectively.
Investors should also note any recent changes to analyst estimates for Micron. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 153.5% lower within the past month. Micron is holding a Zacks Rank of #4 (Sell) right now.
The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 239, putting it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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