And getting killed for just that reason. The sad part is WS was not expecting a lot and the original Q3 release had the stock higher because it was close to the estimates and the stock was already down 31% this year so they were getting a pass but the guidance looks like a kitchen sink quarter and is killing the stock. That's why insiders were selling earlier this year they knew what was coming.
In this market anything is possible with the HFT's in charge I don't think it gets there because you will start to hear about the Microsoft refresh in July and more blah blah blah from the analysts who remain bullish. Most likely this will test the $20's and possibly high $19 tomorrow if buyers step aside with Greece and the weekend lurking. One must remember MU will be down over 40% including the AH. MU bulls need to hope the market looks at this as a kitchen sink quarter. I believe the last $1 down tonight was partly assisted by the Fast Money crew who talked about $20.
If so they must have been bullish before today but we need to see the new average of the new targets, wait a few days and see where a possible bottom is made.
Sold out for a loss a few months ago $31 to $28+ so I will look for a bottom soon to start nibbling. One positive this stock is cheap of course but can get cheaper but it may become a commodity if inventory builds more but I will watch for this to hold $20. SWKS and NXPI have had great runs and if markets continue to weaken maybe I get some on dips. MU needs to wash out the next few days and then we'll see. Their guidance did them in not the current quarter.
a kitchen sink quarter with the guidance they gave because the slight miss for this quarter actually had shares up. MU was down 31% into today and now another 12%. I think it can back to $22 tomorrow at some point the key will be the new targets tomorrow and there will be a lot of them for sure. I'll be watching how low possibly to nibble. There was a 15,000 share buy at the low of $21.91 it has bounced off that for now.
You have AVIS today and these absurdly delayed financials. So much uncertainty WS always sells first and asks questions later. It seems nothing not even a 52 week low can get these financials released.