On August 6, Micron Technology fell 3.33% in pre-market trading, trading at $864.9/share, with turnover of $80.39 million. The storage chip sector came under broad selling pressure after peer Sandisk issued disappointing forward guidance.
Despite Sandisk reporting a record-breaking Q4 with revenue surging 372% year-over-year to $8.97 billion and adjusted EPS of $39.25, the company guided Q1 FY2027 revenue of $10.3-10.8 billion, with a midpoint of approximately $10.55 billion — well below the analyst consensus of $11.16 billion. Adjusted gross margin guidance of 83%-85% showed signs of plateauing versus Q4's 84.6%. Goldman Sachs indicated that Sandisk's below-expectations guidance would transmit downward pressure to Micron. The broader storage sector declined in tandem, with Sandisk falling over 8% in pre-market and SK Hynix dropping 10.3% in Asian trading.
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