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Micron profit misses expectations, stock falls (Reuters)

Summary: Micron (NASDAQ:MU) shares dropped almost 8% after posting quarterly results below Wall Street expectations. Micron reported quarterly earnings of $0.08/share ($63.5mm), below analyst expectations of $0.14/share. During the same period last year, Micron reported quarterly earnings of $0.07/share ($43mm). Micron’s quarterly revenue of $1.37 billion, although up 9% from last year, failed to meet analyst forecasts of $1.41 billion. Aside from continued strong demand for memory from cellular phone manufacturers, Micron anticipates robust demand for memory when Microsoft (NASDAQ:MSFT) releases its upcoming Vista operating system. Vista requires significantly more memory to operate effectively than Microsoft’s current XP operating system.
Related links: Full articleMicron: UBS Analyst Expresses Concern Following Chat With CompanyMicron Comments on NAND Flash Memory MarketFlash Memory Manufacturers Need Hits From Apple & SonyGross Margin - Memory Chip Manufacturers • Conference Call Transcript: Micron Technology F4Q06 (Qtr End 8/31/06)
Potentially impacted stocks and ETFs: Cypress Semiconductor (NASDAQ:CY), Integrated Device Technology (NASDAQ:IDTI), Integrated Silicon Solution (NASDAQ:ISSI), MoSys (NASDAQ:MOSY), Rambus (NASDAQ:RMBS), Ramtron International (RMTR), Saifun Semiconductors (NYSE:SFUN), SanDisk (NASDAQ:SNDK), Silicon Storage Technology(SSTI), Staktek Holdings (STAK), Simpletech (NASDAQ:STEC). ETFs: Semiconductor HOLDRs (NYSEARCA:SMH), PowerShares Dynamic Semiconductors (NYSEARCA:PSI)

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Source: Micron Diappoints, Stock Drops