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MarketWatch First Take: Micron investors may be too hopeful that the end of the downturn is near

Micron Technology Inc. investors risk getting ahead of themselves with too much optimism about the rest of the year.

On Tuesday, Micron MU, -1.54% reported a better-than-expected fiscal third quarter, as it topped lowered expectations from Wall Street as a glut of memory-chip inventory fueled falling prices after two years of boom times. The company’s fiscal third-quarter revenue fell 39% to $4.8 billion and its gross margins sank to 38.2% of revenue, down from 60.6% in the year-ago period.

The company, though, was cautiously optimistic in its comments about customer demand in the second half of the calendar year.

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