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Micron Stock Breaks Out Ahead Of Fiscal Second-Quarter Earnings

Memory-chip maker Micron Technology (MU) saw its stock surge to its highest level in over 17 years on Monday despite a dearth of news.

X Micron shares jumped 6% to close at 52.03 on the stock market today. In intraday trading, Micron reached 52.36, its highest level since September 2000. Micron broke out of a 14-week consolidation period with a double bottom at an alternative buy point of 49.99 in heavy trading.

Boise, Idaho-based Micron announced Monday that it will hold an analyst and investor event on May 21 in New York City.

Micron is scheduled to report results for its fiscal second quarter, which ended March 1, after the market close on March 22. On Feb. 5, Micron raised its sales and earnings guidance for the period.

Analysts now expect Micron to earn $2.74 a share, up from 90 cents in the year-earlier period, on sales of $7.28 billion, up 57%.

Micron has benefited from the strong demand and tight supply for memory chips across a range of devices, including smartphones, PCs and data centers.


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Last Wednesday, Cowen analyst Karl Ackerman reiterated his outperform rating on Micron and raised his price target to 55 from 53.

He noted that average selling prices for memory chips remained healthy in February, suggesting modest upside to the company's upwardly revised guidance for the quarter.

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