| | | Micron's stock tumbles to kick off just 3rd official 'pullback' during 1 1/2-year long bull market
MARKETWATCH 12:53 PM ET 11/29/2017
Symbol Last Price Change | MU | 44.2556 | -3.6744 (-7.67%) | | QUOTES AS OF 01:33:58 PM ET 11/29/2017 |
Micron Technology Inc.'s (MU) stock (MU) tumbled 7.3%, as it headed for a third-straight loss since closing at a 17-year high on Friday, amid some near-term concerns over memory chip pricing. KeyBanc Capital analyst Weston Twigg reiterated his sector weight rating on Micron ahead Thursday's release of November monthly contract data pricing for dynamic random-access memory (DRAM) and NAND memory chips. "Despite good long-term memory trends, we see neutral to negative dynamics in the near- to midterm for NAND, and neutral dynamics for DRAM," Twigg wrote in a note to clients. The stock has shed 10.5% this week, which puts it on track to record just its third pullback since its current bull market began in May 2016. Many on Wall Street view a decline of 10% or more from a significant peak as an official pullback, while declines of at least 20% are bear markets. Micron's other pullbacks were the 15.4% drop from June 26, 2017 to Aug. 10, and the 16.5% decline from June 23, 2016 to July 6, 2016. From the May 13, 2016 bear market bottom of $9.56, the stock had rocketed more than five-fold to Friday's record close of $49.68. Over the past three months, Micron's stock was still up 41%, while the PHLX Semiconductor Index has climbed 17% and the S&P 500 has gained 7.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com |
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