Why Micron Stock Dropped 11% Today
Shares of Micron Technology (NASDAQ: MU) stock plunged 11.1% in Friday trading to close the day at $443.21. Surprisingly, this plunge came after Micron reported Thursday that it had beaten earnings expectations -- not missed them.
Micron reported a fiscal Q4 2019 profit of $0.49 per share, as calculated according to generally accepted accounting principles (GAAP), and said its "non-GAAP net income" was $0.56 per share, ahead of Wall Street's predicted $0.49 pro forma profit. Sales of $4.9 billion likewise exceeded expectations for sales of $4.6 billion.
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Source Fool.com
