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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Donald Wennerstrom who wrote (22537)	3/30/2005 10:29:50 AM
From: Donald Wennerstrom	Read Replies (1) \| Respond to of 95761

Micron Tech Still Faces Pricing, Inventory Issues 03.30.05, 9:40 AM ET <<J.P. Morgan said Micron Technology (nyse: MU - news - people ) beat its second-quarter estimates, but added that the semiconductor company still faces inventory overcapacity and pricing issues. The research firm reiterated an "underweight" rating on Micron. "We remain cautious as pricing fell a full 15% quarter-over-quarter, below our estimate of a 6% quarter-over-quarter decline, which caused the decrease in gross margins," J.P. Morgan said. The research firm said days of inventory fell to 72 days but that this is still above the company average of 60 days. J.P. Morgan slightly narrowed the 2006 loss-per-share estimate on Micron to 23 cents from 28 cents. The research firm introduced a 2007 earnings estimate of 11 cents per share. "If the company continues to gain share and drive inventory to normal levels, it could mitigate the effects of the pricing collapse and we could become more optimistic on Micron stock," J.P. Morgan said. For the fiscal second quarter, Micron reported earnings per share of 17 cents on revenue of $1.3 billion, versus J.P. Morgan's estimate for earnings of 12 cents per share on revenue of $1.2 billion.>>