Why Lam Research, Applied Materials, and Rambus Rallied Today
Shares of semiconductor-equipment stocks Lam Research (NASDAQ: LRCX) and Applied Materials (NASDAQ: AMAT), along with memory-interface chipset provider Rambus (NASDAQ: RMBS), were on the rise Thursday. The stocks had appreciated 3.7%, 3.2%, and 7.2%, respectively, as of 2:30 p.m. ET.
All three stocks were rising along with most of the semiconductor sector in the wake of memory giant 's (NASDAQ: MU) blowout earnings report last night. As Lam and Applied are both equipment suppliers to the memory industry, and as Rambus supplies ancillary technology to memory installations, Micron's earnings also bode well for these companies' futures over the next one-to-two years at least.
In its earnings report last night, Micron reported revenue of $5.82 billion in revenue, beating expectations by nearly $500 million, with adjusted (non-GAAP) earnings of $0.42 trouncing analyst expectations of a $0.28 loss. Not only that, but Micron guided to $6.6 billion in revenue at the midpoint of the current quarter's guidance, far higher than the $6 billion expected by analysts. And given that Micron just trounced the high end of the prior-quarter guidance by $300 million, it seems as if it may exceed $7 billion in sales next quarter.
Source Fool.com
Micron Technology Inc. Stock
Currently there is a rather positive sentiment for Micron Technology Inc. with 100 Buy predictions and 6 Sell predictions.
With a target price of 110 € there is a positive potential of 39.63% for Micron Technology Inc. compared to the current price of 78.78 €.
