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MICRON TECHNOLOGY (MU)
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Micron Settles Oracle's Price-Fixing Suit; Revises 2Q To Book Cost

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03/30/2012 | 12:55pm CET

Micron Technology Inc. (>> Micron Technology, Inc.) revised its fiscal second-quarter results to reflect its settlement of a 2010 lawsuit by Oracle Corp. (ORCL) over alleged antitrust and unfair competition violations.

Oracle's lawsuit accused the memory-chip maker of engaging in the price fixing of dynamic random access memory, or DRAM, by intentionally restricting the production capacity of its manufacturing plants. The suit, taken on as part of Oracle's acquisition of Sun Microsystems Inc., also alleged the higher prices caused Sun to lose money as well as customers, who couldn't afford its products containing high-priced DRAM.

Micron on Friday said the settlement reduced its results for the quarter ended March 1 by $58 million.

As a result, the company widened its fiscal second-quarter loss to $282 million, or 29 cents a share, on sales of $2.01 billion.

Micron last week reported it swung to its third consecutive quarterly loss, as weaker selling prices for computer memory chips continued to challenge the semiconductor company's top and bottom lines.

Shares closed Thursday at $8.42 and were inactive premarket. The stock is up 34% so far this year.

 
   -By Melodie Warner, Dow Jones Newswires; 212-416-2283; [email protected] 

Stocks mentioned in the article : Micron Technology, Inc.
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Financials ($)
Sales 2018 27 754 M
EBIT 2018 12 516 M
Net income 2018 10 935 M
Finance 2018 2 873 M
Yield 2018 0,29%
P/E ratio 2018 4,63
P/E ratio 2019 4,98
EV / Sales 2018 1,68x
EV / Sales 2019 1,40x
Capitalization 49 629 M
Chart MICRON TECHNOLOGY
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Micron Technology Technical Analysis Chart | MU | US5951121038 | 4-Traders
Technical analysis trends MICRON TECHNOLOGY
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 58,9 $
Spread / Average Target 37%
EPS Revisions
Managers
NameTitle
Sanjay Mehrotra President, Chief Executive Officer & Director
Robert E. Switz Chairman
Manish Bhatia Executive Vice President-Global Operations
Ernest E. Maddock Chief Financial Officer & Senior Vice President
James E. Mahoney Vice President-Information Systems
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