Why Micron Stock Lost 14% in December
Shares of Micron (NASDAQ: MU) were sliding last month after the memory-chip maker offered disappointing guidance in its fiscal first-quarter earnings report.
The sell-off following the report wiped out some solid gains, as the stock rose earlier in the month after the Commerce Department finalized a $6.17 billion subsidy related to the CHIPS Act for the company to build new manufacturing plants in New York and Idaho.
According to data from S&P Global Market Intelligence, the stock finished the month down 14%. As you can see from the chart, shares fell sharply after the earnings report came out in the middle of the month and stayed down from there.
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