Micron (MU -7.4%) is off sharply in response to its FQ3 miss, which had much to do with an 11%...

|About: Micron Technology Inc. (MU)|By:, SA News Editor

Micron (MU -7.4%) is off sharply in response to its FQ3 miss, which had much to do with an 11% drop in DRAM ASPs. CLSA has "downgraded" shares to Outperform from Buy, but Wedbush and Jefferies argue a rebound is due: the latter sees gross margin rising 1500 bps over the next 12 months. SanDisk (SNDK -0.8%) is off just modestly (previous) - Micron noted on its call NAND flash pricing is stable. But DRAM/NAND giant Samsung (SSNLF.PK) fell 4.1% in Seoul. This morning, Micron announced Japanese regulators had signed off on the Elpida deal, as expected.