The S&P 500’s top losers on December 26 were:
Micron Technology (MU), which is a world leader in memory and semiconductor technology, was the S&P 500’s top loser on December 26. After trading with mixed sentiment last week, Micron Technology opened lower on Tuesday and fell to ten-day low price levels.
The IT sector fell on Tuesday amid reports about weak demand for Apple’s iPhone X model. The reports weighed on Apple’s suppliers like Micron Technology and Qorvo. However, Micron Technology’s outlook is strong amid the improved demand outlook for NAND and DRAM chips. Industries around the globe are embracing big data and artificial intelligence. Given Micron Technology’s position as one of the leaders in memory and semiconductor technology, increased storage demand is expected to add strength to the stock prices.
Wall Street analysts forecast Micron Technologies’ 2Q18 EPS (earnings per share) to be $2.50–$2.64 per share with a consensus of $2.57 per share. It’s more than 185% growth compared to an EPS of $0.9 per share in the same period a year ago. On December 26, Micron Technology fell 4.24% and closed the day at $42.25.
In the next part, we’ll discuss how Apple (AAPL) performed on December 26.