Micron just delivered the kind of quarter that would have sent the stock into orbit in June. Instead, it is tumbling and about to lose the $1,000 handle.
Barely two weeks after Micron (MU) guided to $60-$63 billion in fiscal Q1 revenue, crushing the $56.8 billion consensus, and a week after Goldman calculated that Micron alone would deliver 19% of the entire S&P 500's Q3 earnings growth...
Source... the memory giant has slumped below $1000, down almost 5%, the lowest price in over 3 weeks.
Sandisk was down even more, tumbling 7%, and according to Goldman's TMT desk, both names are now lower in 6 of their last 7 sessions. Micron is about to enter a bear market, down almost 20% from its June record close, and a stock where sentiment was "11/10" back in June is now trading like nobody wants to be the last one holding it.
The reason for the latest selloff is c
