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Micron profit misses expectations, stock falls (Reuters)

Summary: Micron (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 (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 (CY), Integrated Device Technology (IDTI), Integrated Silicon Solution (ISSI), MoSys (MOSY), Rambus (RMBS), Ramtron International (RMTR), Saifun Semiconductors (SFUN), SanDisk (SNDK), Silicon Storage Technology(SSTI), Staktek Holdings (STAK), Simpletech (STEC). ETFs: Semiconductor HOLDRs (SMH), PowerShares Dynamic Semiconductors (PSI)

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Source: Micron Diappoints, Stock Drops