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Micron Technology (NASDAQ:MU) is slated to report Q3 results after the bell tonight. The analyst consensus estimate on Thomson Reuters is for sales of $2.36 billion and a profit of $0.16 per share.

Micron favors widening in its long-term movement between the sessions, cutting back or reversing its evening performance in next-day trade in 12 quarters, widening in 16 and once matching its evening move during the following day's regular trading session.

A deeper look into the performance of MU between the sessions reveals longs are seeing a slight advantage. MU has recorded a gain in after-hours trading following 10 of the 29 quarters we've tracked, and in six of those quarters the stock added to its evening upside in the following day's regular session.

On the downside, shorts are seeing a modest advantage as well. The stock recorded a downside move 18 times in the last 29 quarters, and in 10 of those negative trades MU followed that action by widening, or adding to its negative trade in the next day's bell-to-bell action. We have one other quarter where MU ended the evening flat, followed by a fractional decline the next day.

On March 23, 2011, MU gained 4% in after-hours action after beating Q2 estimates. The stock charged higher the next day, rising 8.4% by the close on March 24.

On Dec. 22, 2010, MU lost 3.4% in after-hours trading after missing Q1 expectations. The stock turned further south the following day, closing the Dec. 23 regular session down 4.1%.

On Oct. 7, 2010, MU declined 1.4% in evening trading after posting Q4 sales shy of expectations. The stock reversed direction the following day, closing the Oct. 8 regular session up 6.7%.

On June 28, 2010, MU slumped 5.7% in the after-hours on the back of Q3 results that were up sharply over year ago levels. The stock headed deeper in the red the next day, closing the June 29 regular session down 12.9%.

On March 31, 2010, MU advanced 3.4% in after-hours trading after beating Q2 expectations. The stock lost its upside the following day, closing the April 1 regular session down 1.9%.

On Dec. 22, 2009, MU gained 1.1% in evening trading after beating earnings expectations. The stock leaped higher the following day, ending the Dec. 23 regular session up 6.1%.

On Sept. 29, 2009, MU declined 0.7% in after-hours trading despite reporting better-than-expected results. The stock continued heading lower the following day, ending the Sept. 30 regular session down 2.3%.

On June 25, 2009, MU declined 3.2% in after-hours trading after reporting a wider year-over-year Q3 loss on lower sales. The stock added to its downside the next day, ending the June 26 regular session down 3.7%.

On April 2, 2009, the stock fell 2.8% after MU reported a loss that was deeper than the Street view. Shares also fell 2.8% the next day.

On Dec. 23, 2008, MU tumbled 14.4% in after-hours trading after the company posted a loss wider than year ago levels on lower sales. The stock recorded a sharp reversal the next day, rising 9.7% by the closing bell on Dec. 24.

On Oct. 1, 2008, MU declined 4.4% in after-hours trading after missing Q4 sales estimates. The stock rebounded into the green the following day, rising 4.1% in the Oct. 2 regular session.

On June 26, 2008, the stock fell 1.3% during the evening hours after the company beat with sales but reported a loss wider than the Street view. The loss swelled to 12.7% the next day.

On April 2, 2008, MU advanced 2% in evening trading after meeting sales expectations. The stock firmed even higher the following day, closing the April 3 regular session up 6.2%.

On Dec. 20, 2007, the stock fell 3.4% during evening trading as the company reported a quarterly loss though does beat with sales. The loss expanded to 4.9% the next day.

On Oct. 2, 2007, MU dropped 4.1% in night trading despite topping Q4 estimates. Shares fell even further the next day, closing the regular session down 8.9%.

On June 28, 2007, the stock gained 2.3% in evening trading despite swinging to a Q3 loss on lower sales. The advance was pared to 0.9% the next day.

On April 4, 2007, MU advanced 3.5% in after-hours trading after the company reported a deeper than expected loss on sales shy of estimates. The after-hours upside evaporated in the April 5 regular session, with the stock losing 4.6% by day's end.

On December 21, 2006, MU rose 3.9% in evening trading after topping Q1 EPS estimates but missing on sales. The shares trimmed their gains the following day, though, closing the regular session up 3.3%.

On Oct. 5, 2006, MU shed 8.1% in night trading on the heels of a Q4 earnings miss. The stock dug deeper into the red on Oct. 6, ending the regular session down 13.6%.

On June 28, 2006, MU declined 2.5% in after-hours trading after the company beat on earnings but also set disappointing guidance. The downside fattened to a loss of 5.2% by the close on June 29.

On April 10, 2006, MU edged up 0.7% after reporting in after-hours trading Q2 EPS of $0.27 per share on sales of $1.2 billion, vs. $0.17 per share on sales of $1.3 billion in the year ago quarter. The FC mean was for revenue of $1.34 billion. The shares inched higher the next day, ending the regular session up 1.2%.

On Dec. 21, 2005, MU slid 4.1% in after-hours trading after the company missed Q1 earnings expectations but beat on sales. The stock saw its decline scaled back on Dec. 22, with MU ending that day's regular session down 3.5%.

On Sept. 29, 2005, MU jumped 5.5% in after-hours trading after the company beat Q4 expectations. It firmed even higher on Sept. 30, surging 9.1% by the regular session close.

MU slid 5.3% the night of June 23, 2005, after the company posted a year-over-year decline in Q3 sales and a loss. Sellers loosened their grip on the issue in the June 24 regular session, allowing the stock to trim its downside to a 2.3% decline by the closing bell.

On March 29, 2005, MU beat expectations and the stock advanced 1.3% in evening trade. If recorded a heftier 3.5% rise by the closing bell on March 30.

The stock slipped 0.07% in the Dec. 22, 2004, after-hours session after the company beat on EPS but came in shy on revenue. The stock cut its downside slightly the next day, losing a slim 0.06%.

MU closed out the Sept. 29, 2004, after-hours session at the flatline after the company reported results up from year ago levels. Sellers won out on the next-day reaction, clinging to a 0.5% decline by the closing bell.

On June 23, 2004, MU slid 3% after the company beat EPS estimates but recorded sales shy of expectations. The stock ended the next day's regular session down a more modest 0.6%.

On March 24, 2004, MU declined 4.1% in after-hours trading following better-than-expected EPS and missed sales expectations. The stock closed the following day's bell-to-bell action down a narrower 1.5%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Micron Offers Longs and Shorts Potential Plays Off After-Hours Earnings Moves

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