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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey D who wrote (7287)	9/24/2003 8:44:47 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

UPDATE: Micron: Average Selling Prices For Memory Chips Up 15% Wednesday September 24, 7:41 pm ET By Donna Fuscaldo, Of DOW JONES NEWSWIRES (This story was updated to add first-quarter bit production growth information.) NEW YORK (Dow Jones)--Demand for all of Micron Technology Inc. (NYSE:MU - News)'s memory chip products continues to be strong, said Michael Sadler, vice president of worldwide sales. Speaking during a conference call to discuss fiscal fourth-quarter results with Wall Street, Sadler said the Boise, Idaho, company is seeing strong demand for its lower-density memory chips, mainly from consumer electronics and networking customers. He added that Micron is optimistic that demand will remain strong. Earlier Wednesday, Micron reported a net loss of $123 million, or 20 cents a share, in its fiscal fourth quarter ended Aug. 28. In the year-ago fourth quarter, Micron reported a net loss of $586.5 million, or 97 cents a share. Sales came in at $889 million in the latest period, up 19% from last year's $748 million. Analysts, according to Thomson First Call (News - Websites), expected Micron to report a loss of 25 cents a share on sales of $867.5 million. In recent days, some analysts had speculated that Micron's loss would be narrower than expectations, mainly because of higher average selling prices. Micron Chief Financial Officer Bill Stover said Wednesday that average selling prices in the fourth quarter climbed 15% sequentially. In conjunction with the earnings report, Micron also announced that Intel Corp. (NasdaqNM:INTC - News) made a $450 million equity investment in the company. During the conference call, Sadler said the investment represents a much closer collaborative relationship between the two companies. Looking ahead, Stover said the company expects fiscal 2004 capital spending to be up from $1 billion in 2003. Following Micron's earnings report, shares gained 4% in after-hours action to $14.65, according to Island ECN (News - Websites). The stock finished the regular session at $ 14.10, down 4%, or 57 cents. Sadler, vice president of worldwide sales, said that Micron expects bit production growth in the first quarter to be in the low double-digit percentage range, compared with the fourth quarter.