The Jan 16 cals for 2.00 per share are mirroring the lows for the stock. It's got plenty of upside, but the trend has yet to break the hourly resistance line (orange). It is not a proper double bottom until it breaks above 18, and is 13% off the lows. I want to get in with less than 6% from the 13.50 mark or after a retest of the breakout of the orange line. And add when it crosses $18.
Main problem fundamentally is earnings are negative and expected to fall next year. Earnings due in 6 days, we could buy a short call option on that bc if they are positive it will definitely fuel the fire to the stock turning around. 61c on a call option expiring after earnings is the right trade if you wanted to get in now.
ABOUT MU: MANUFACTURES DRAM, NAND AND NOR FLASH MEMORY, AND IMAGE SENSORS USED IN COMPUTERS, SERVERS AND CONSUMER ELECTRONICS 7. RANK WITHIN ELEC-SEMICONDUCTOR MFG GROUP: 1SWKS SKYWORKS SOLUTIONS INC 2ADI ANALOG DEVICES 3MSCC MICROSEMI CORP 4MTSI M/A-COM TECHNOLOGY SLTN 36MU Micron Technology Inc IBD® Stock Checklist Composite Rating 7 MARKET DIRECTION AND INDUSTRY GROUP FOR MU
General Market Uptrend under pressure
Industry Group Rank (1 to 197) 160 FUNDAMENTAL PERFORMANCE FOR MU
Current Earnings EPS Due Date 10/01/2015 EPS Rating 16 EPS % Chg (Last Qtr) -32% Last 3 Qtrs Avg EPS Growth -2% # Qtrs of EPS Acceleration 0 EPS Est % Chg (Current Qtr) -58% Estimate Revisions Last Quarter % Earnings Surprise -3.6% Annual Earnings 3 Yr EPS Growth Rate N/A N/A Consecutive Yrs of Annual EPS Growth 2 EPS Est % Chg for Current Year -15% Sales, Margin, ROE SMR Rating B Sales % Chg (Last Qtr) -3% 3 Yr Sales Growth Rate 37% Annual Pre-Tax Margin 21.1% Annual ROE 37.6% Debt/Equity Ratio 46% TECHNICAL PERFORMANCE FOR MU
Price And Volume Price $15.34 RS Rating 6 % Off 52 Week High -58% Price vs. 50-Day Moving Average -11% 50-Day Average Volume 31.5 Mil Supply And Demand Market Capitalization $16.6 B Accumulation/Distribution Rating E Up/Down Volume 0.8 % Change In Funds Owning Stock -4% Qtrs Of Increasing Fund Ownership 0