Micron is set to report earnings after the close on Thursday, March 20
Semiconductor maker Micron Technology Inc (NASDAQ:MU) is set to report fiscal second-quarter earnings after the close on Thursday, March 20. Analysts expect revenue of $7.9 billion, marking a 36% year-over-year increase, with adjusted earnings projected at $1.43 per share -- up from $0.42 per share a year ago.
MU has had mixed post-earnings reactions in recent quarters. The stock plummeted 16.2% following its December report but jumped 14.8% after its September results. This time around, options traders are pricing in a 14.9% swing, regardless of direction, which is well above MU’s historical 9.6% post-earnings move.
Ahead of earnings, Micron stock is trading fractionally higher, last seen at $101.90. The equity rallied sharply from April to June, hitting a record high of $157.53 on June 18, before declining through September. Since then, MU has been stuck in a sideways range between $80 and $110. Despite shedding 33.4% in the last nine months, the stock still boasts a 21.4% year-to-date gain.
Analysts remain overwhelmingly bullish, with 27 of 30 rating MU a "buy" or better. However, options traders are notably bearish. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MU's 50-day put/call volume ratio ranks in the 87th percentile of annual readings, signaling heightened pessimism in the options pits.