Micron Drops 6% to $925.37 as Tech Selloff Hits Chip Stocks
Updated
Updated · Benzinga · Jul 7
Micron Drops 6% to $925.37 as Tech Selloff Hits Chip Stocks
3 articles · Updated · Benzinga · Jul 7
Summary
Micron fell 6.03% to $925.37 in Tuesday premarket trading, underperforming as semiconductor names took the brunt of a broader tech retreat.
Nasdaq futures were down 0.99% and S&P 500 futures slipped 0.13%, with the pullback also reflecting profit-taking after Micron’s strong yearlong rally and June 52-week high.
Technical signals turned mixed: Micron is 11.1% below its 20-day moving average, but still 7.5% above its 50-day, 45.7% above its 100-day and 106.7% above its 200-day; RSI sits at 49.17.
Counterpoint still expects DRAM prices to rise 15% to 20% in the third quarter, citing resilient server demand and nearly doubled mobile DRAM prices from the prior quarter.
Analysts remain broadly bullish despite the selloff, with a consensus Buy rating, a $1,542.05 average target, and recent $2,000 targets from Cantor Fitzgerald and Barclays.