Micron Technology, is speaking at a JPMorgan conference, estimated that the
- recent decision by China's Cyberspace Administration (CAC) could affect its total revenue by a low to high single-digit percentage.
- The company clarified that smartphones are not included in this projected impact.
- While the company continues to cooperate with the CAC and is seeking to understand the specifics of the situation, it stated that it remains uncertain about the security concerns being cited, as there have been no customer complaints about their product security.
- The company plans to provide an update on the situation during its earnings call in June.
Micron shares (MU) are trading at $65.59 down $2.58 or -3.78%.
Micron shares last week reached a high price of $68.59. That was the highest level since June 2022. The price also moved above the 38.2% retracement of the move down from its all-time high reached in January 2022. There retracement level came in at $67.55. The price decline this morning has taken the price back below that level. A ceiling area near $64.44 is the next key target. The price moved above that ceiling last Tuesday, and extended mainly on Thursday (see chart below).
Micron chairs are lower