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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: zsteve who wrote (48086)	9/8/1999 4:13:00 PM
From: DJBEINO	Read Replies (3) \| Respond to of 53903

Micron Tech Says Rising Prices Won't Help 4th-Qtr; Shares Fall Micron Tech Says Rising Prices Won't Help 4th-Qtr; Shares Fall Boise, Idaho, Sept. 8 (Bloomberg) -- Micron Technology Inc. shares fell as much as 4.2 percent after the largest U.S. maker of computer memory chips said rising prices for its products won't boost earnings until the fiscal first quarter. Micron Vice President Kipp Bedard told analysts and investors at a Salomon Smith Barney conference in New York that rising spot prices for dynamic random access memory won't help results in the quarter ended Sept. 2 because much of what was sold was older inventory that cost more to make. Micron shares rose before Bedard's presentation, then fell 2 15/16 to 76 11/16 in late trading. Earlier, the stock traded as high as 82 1/2, its highest point since 1995. Before today, the shares had more than doubled in three months on optimism that rising memory chip prices would help improve results. Micron has reported losses in five of the past six quarters. Bedard also said Micron is seeing most of the volume of memory chips on the spot market sell at about $10, not the $13 price that some analysts and chip brokers have quoted. Micron is expected to report a loss of 18 cents a share in the fiscal fourth quarter, the average estimate from First Call Corp. The Boise, Idaho-based company is forecast to report a profit of 2 cents for the fiscal first quarter.