Micron shares dropped as investors digested weak guidance. Analysts at Bank of America and UBS lowered their prices targets for the stock after earning.

Micron Technology forecast quarterly revenue and profit below Wall Street estimates on Wednesday, sending shares lower as weak demand for consumer-centric products such as personal computers and smartphones impacts the chipmaker's business.

The memory-chip company cited weakness in consumer-facing markets but momentum in higher-margin areas and those levered to AI.

Key Takeaways Micron shares traded sharply lower in extended trading on Wednesday after the memory chip maker and Nvidia partner issued a weaker-than-expected current-quarter outlook. The stock looks set to stage a decisive breakdown below a trading range on Thursday,

While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” Micron CEO Sanjay Mehrotra said in a pre

Micron Technology Inc.’s outlook for the current quarter came in some way short of expectations, stoking fears about the near-term dynamics of the memory chip market and sending the company’s stock way down in extended trading late today.