I'll grant you that 3Q results are historical (by definition), but even the analysts are mixed whether there will be a small loss or small gain. I'll bet a number of less astute investors are probably still looking at a tiny (TTM) P/E ratio as their frame of reference. Hearing Joe Kernan announce a quarterly loss compared to a $1.30 QEPS one year ago should serve as a slap in the face to the realities of this S/C (and especially the DRAM) market.
Additonally, MU will have to address the outlook - there is no way this can be spun into a positive! With the exception of Intel, which is essentially a monopoly, the preannouncements I've heard lately (MOT, HTCH, KMAG, SUBM, ...) have all been very negative and based on these stocks' reactions, these announcements were also UNEXPECTED to the market at large as these stocks tanked (at least initially).
On what do you base your opinion that DRAM prices look bright? Maybe in quantity of sales, but certainly not on sales dollars. If the biggest insider is selling heavily at prices well below the current price (aside: tip of hat to Market Wizard's comment techstocks.com ) I'm not going to buy - I'd rather sell to people who think the "outlook for dram prices and for the pc industry only looks bright!"
p.s. For what it's worth, Fred Hickey's August 30th newsletter claimed that MU "is the most overvalued stock on earth." I'm not in (total) agreement so please don't flame me.
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