Micron’s stock drops as first ‘death cross’ in 2 years appears
Market Extra
Last death cross appeared in April 2022 — and the stock fell another 30% before bottoming 5 months later
Published:
Shares of Micron Technology Inc. slumped Monday, just as a longer-term bearish chart pattern appeared for the first time in more than two years — a warning that losses could start accelerating.
Monday’s weakness comes as Morgan Stanley analysts gave a downbeat assessment of the outlook for Micron and the memory-chip market, as they believe earnings-growth expectations will peak and reverse in the coming quarters, which could lead to a near-30% contraction in valuation for the sector.