From $43 I saw it too. Stifel is one of the more bullish firms on the street so let's see what the others have to say. Being this was a much anticipated report based on the negative calls going in I would bet their will be quite a few calls by the open tomorrow. If this report was such a catastrophe I think shares would have broke $26 in the AH.
Analysts are funny they may be looking past the revenue guidance and the new product launch in the second half of the year which is seasonally strong for MU and tech. I think it is basically a $26-$27 stock for now but I have seen stranger price action in worse case scenarios.
This could go either way tomorrow. Is most of the bad news already in the shares? Are they under promising? Analysts calls may actually dictate the direction tomorrow. We have to see if any of those that just cut their targets actually raise those lowered targets that may help.
$27 at some point would not shock me but it appears to be a $26-$27 stock for now. All MU had to do was give in-line revenue guidance and the stock would have been near $29 which it almost reached initially. I'm kicking myself I heard that guidance number early on the call and the stock was still hanging near $28.50 for awhile I was going to short at that point because I could not understand why it did not drop quicker. As for tomorrow analyst may play a role in the direction of the shares. Yet I would not be shocked if it did go higher tomorrow since a lot of bad news has hit the stock until today. Quite possibly investors may believe that MU will under promise and over deliver. Watch the 8pm tonight if it gets near flat that may tell you something.
I would guess that going forward would not be as tough a headwind.
Got to wait for the guidance. This may explain why shares suddenly held up today especially in a bad market. This stuff is leaked like so much other news.
Now the guidance is not there yet I would bet on the CC but considering all the price cuts, downgrades and skeptics this is a good report in the weaker part of the year's cycle. Not bad so far.
Shares are available to short today on my screen. Lately that means green if that happens again I am becoming more and more convinced that the broker's traders are trading around the retail guy and sucking in shorts at lower levels. I think this continues until the CPSC releases their findings.