Micron (NASDAQ:MU) stock is falling on Thursday despite the tech company releasing a strong earnings report for its fiscal third quarter of 2021 after hours Wednesday.
The most recent earnings report saw Micron reporting adjusted earnings per share of $1.88 on revenue of $7.42 billion. These are both improvements over the company’s adjusted EPS of 82 cents and revenue of $5.44 billion from the same period in the year prior. It even beat out Wall Street’s estimates of $1.72 per share and revenue of $7.22 billion.
Micron also includes guidance for its fiscal fourth quarter of 2021 in its earnings report. This has it expecting adjusted per-share earnings ranging from $2.20 to $2.40 and revenue between $8 billion and $8.4 billion. Both of these are easily better than analysts’ estimates of $2.18 per share and revenue of $7.87 billion for the quarter.
In addition to the earnings news, Micron also announced the sale of its Lehi, Utah, fab to Texas Instruments (NASDAQ:TXN). This has it set to gain $1.5 billion from the deal. $900 million comes in cash from TI and the other $600 million comes from the select value of tools and assets.
MU stock is seeing incredibly high trading in the early morning hours on Thursday. As of this writing, more than 20 million shares of the stock have changed hands. That’s already above the company’s daily average trading volume of roughly 19 million shares.
MU stock was down 4.7% as of Thursday morning but is still up 9.3% since the start of the year.
We’ve got plenty of other stock market news today that investors will want to know about.
InvestorPlace.com offers daily coverage of the stock market and today is no different. A few examples of news today include what to expect from the stock market, Krispy Kreme (NASDAQ:DNUT) starting trading today, as well as why Chinese electric vehicle (EV) stocks are rising. You can check out all of this info at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.