Micron Stock Craters 30% Since Earnings as Memory Sector Bleeds
Micron, Sandisk, and Western Digital all took major hits Monday as memory chip stocks continue their brutal slide.
Micron is in freefall. Shares dropped another 10% on Monday, extending a punishing sell-off that has now wiped out 30% of the stock's value since the company posted what looked like a blowout earnings report on March 18.
The pain isn't confined to Micron. The entire memory sector got dragged down hard. Sandisk shed 7% while Western Digital tumbled 9% in the same session.
The ugly part? These losses are happening despite Micron delivering strong earnings numbers. The market clearly isn't buying whatever the company is selling about its forward outlook.
Memory stocks have been on a wild ride, and Monday's bloodbath suggests investors are repricing risk across the entire segment. Three major players, all deep in the red, all in a single trading day. Not a great look for the memory chip business right now.