MarketWatch First Take: Micron earnings prove the doubters wrong again

Micron Technology Inc. once again countered all the doubts surrounding its stock Wednesday, as executives forcefully contended that the current strength in memory markets is not just a cyclical upturn.

Micron MU, -0.51% on Wednesday reported strong profit and sales gains with a forecast that showed confidence that demand for memory chips will continue, along with higher prices of those components. After Micron’s chief financial officer gave the fourth-quarter forecast, shares reversed from a slight dip to a gain of nearly 3% in later trading, which would add to a 43.5% gain so far this year. For comparison, the S&P 500 index SPX, +0.17% is up 3.3% in 2018.

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