Micron Technology, Inc. (NASDAQ:MU) shares declined by 4.45%


Dallas, Texas 07/11/2013 (Financialstrend) – Micron Technology, Inc. (NASDAQ:MU), together with its subsidiaries, is involved in manufacturing and marketing semiconductor devices in worldwide markets. Micron Technology lost over $1 billion of value last year; however the stock has recovered and almost doubled this calendar year. The share price is 80% more volatile than the broader market. The company reported a net income of $43 million on net sales of $2.1 billion for the third quarter of fiscal year 2013. Last year, the company reported a net loss of $320 million on net sales of $2.2 billion. There is also an effective improvement in gross margins for both DRAM and NAND Flash products, given the increase of their average selling prices. Revenue from the sale of DRAM and NAND products was 23% and 7% higher. Cash flows from operations stood at $624 million and capital expenditure was $235 million. The company ended with cash and investments of $2.9 billion in the third quarter. The CEO commented that the company is currently focusing on improving its operational efficiency, as well as on closing the Elpida acquisition, the transaction of which is expected to be closed in August 2013.

Micron Technology, Inc.’s (NASDAQ:MU) share price declined by 4.45% on Wednesday, closing at $12.55 per share for the day. Intraday prices for the stock touched a low of $12.47 and a high of $13.24. Trading volume stood at 89.59 million shares on Wednesday, with an average one of 43.84 million per day of trading.

 Micron Technology, Inc. (NASDAQ:MU) currently has a 52-week low price of $5.16 and a 52-week high price of $14.60 per share. The market cap is $12.99 billion with 1.03 billion shares outstanding and 93% institutional ownership.