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Technology Stocks : Micron Only Forum

MU 231.95

-4.2%

2:56 PM EST

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To: Fabeyes who wrote (45808)	5/14/1999 10:25:00 PM
From: Fabeyes	Read Replies (3) of 53903

I did not see this on the thread but I was in a hurry: May 14, 1999 09:35 AM CHICAGO, May 14 (Reuters) - ING Baring Furman Selz said Friday it initiated coverage of Micron Technology Inc. with a hold rating. -- ING Barings says in a report it believes that over the next three months, Micron shares are not likely to move much higher because DRAM (digital random access memory) prices "are declining more rapidly than the company's ability to reduce manufacturing costs." -- Says DRAM prices in the first quarter averaged $9.50 and now have fallen to $5.80 or less in the spot market. -- Says expects "mild" seasonal pick up in PC demand later in the year, which will lead to an acceleration in earnings in the coming fiscal year. -- "This may present an opportunity for a trade, but we are concerned that DRAM overcapacity issue may continue to plague the industry," ING Barings said. -- Micron Technology shares were off 6/16 at 37-3/16 in morning trade on the New York Stock Exchange. ((Chicago equities news, 312 408 8787, chicago.equities.newsroom@reuters.com)) REUTERS --------------------------------------------------------------------------------

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