Quick Read – MU and SNDK declined Monday yet remain up sharply year-to-date as Morgan Stanley labels the drop a technical leverage washout. – UBS initiated SKHY at Buy with a $204 target while DRAM memory ETF valuations span from Micron’s cheaper trailing P/E ratio to Seagate’s…
mparatively elevated multiple. – SK Group Chairman Chey Tae-won made his first-ever personal SK Hynix share purchase just as the KOSPI slid 5% and Samsung dropped 8% overnight. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn’t make the cut. Grab the names FREE today
Shares of memory and storage names are cooling in early Monday trading. Micron Technology (NASDAQ:MU) stock is down 5% to $782, SanDisk (NASDAQ:SNDK) shares are off 1.5% to $1,197, Western Digital (NASDAQ:WDC) shares are down 6% to $511, and Seagate Technology (NASDAQ:STX) shares are lower by 6% to $801. SK Hynix ADR shares are down 5% to $136, while Roundhill Memory ETF (CBOE:DRAM) shares are down 3% to $48.81.
Even after today’s pullback, much of the group remains sharply higher year to date (YTD). Micron stock is up 188% YTD and SanDisk shares are up 412% YTD, so today’s Monday move sits inside one of the year’s most powerful sector rallies. The decline tracks a sharp reversal in Korean chipmakers overnight, with the KOSPI index falling 5% Monday.