Micron shares fall $400 in three weeks
Micron shares have fallen $400 in the past three weeks and are now at the lowest since May 26.
They’re down 32% after initially surging on the most-recent quarterly earnings report.
The company forecast it would earn $31 per share in the coming quarter with no slowdown in sight, which annualized is $124.
The measured target of the head-and-shares top is about $500, which would put the shares at just 3x earnings.