SAN FRANCISCO (MarketWatch) - Shares of Micron Technology (MU) slipped early Friday, a day after the chipmaker swung to quarterly profit, aided by one-time gains of Elpida Memory. Micron shares were down 3.2% to $17.84 in early trades. Wedbush analyst Betsy Van Hees told clients in a note that while Micron's fiscal fourth-quarter revenue "soared past expectations, GAAP earnings excluding the one-time gain from Elpida fell short, as much of the Street didn't account for the impact from purchase accounting." But most analysts, including Van Hees, were upbeat on Micron's near-term prospects, due to the impact of a fire that forced rival Hynix to suspend operations and the expected benefits from the Elipida deal.
-Benjamin Pimentel; 415-439-6400; AskNewswires@dowjones.com
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10-11-13 1010ETCopyright (c) 2013 Dow Jones & Company, Inc.
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