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Micron shares slide after sharp pullback following earnings surge

The stock has fallen 32% in three weeks to its lowest level since May 26, despite an earlier quarterly forecast that annualized to $124 per share.

Reported · Written up by our desk · Major Pairs

Micro shares have dropped $400 in the past three weeks and are at their lowest level since May 26, after a big initial surge tied to the company’s most recent quarterly earnings report, Forexlive reports.

The earnings coverage included a forecast for $31 per share in the coming quarter, which the outlet annualized to $124, implying roughly 7 times earnings based on that figure, versus a consensus estimate of $73.37 for this year.

Looking ahead, the consensus for next year is $157, which corresponds to forward earnings of about 5.4 times, while Forexlive said it is difficult to justify a further selloff on fundamentals unless there is a breakthrough in memory usage for large language models.

On the technical side, the outlet pointed to a head-and-shoulders topping pattern with a measured target around $500, suggesting downside toward levels closer to about 3 times earnings, while noting that volatility in chip and AI-related trades remains elevated as earnings season approaches.

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