Micron (MU) needed to hit it out of the park AND THEN SOME to maintain that rally. Sometimes you get these situations where you just wish a stock could be stopped in its tracks so it won't have exactly what happened to it today: a decline when it could have had an advance.
There are two stories here: DRAM and flash, and the former is still way too tight but the latter is not. In fact depending upon who you read, flash was either down low single digits quarter to quarter or down as much 10%. You can't make up the advance of DRAMs if you have flash down so much.
I, personally, think that many are still valuing Micron as a personal computer play rather than a data center play and they regard flash as some sort of storage business for personal computers when, again, the sales into the data center is what matters.
But you can tell that people are believing the story line that flash is rolling over or you wouldn't see Western Digital's (WDC) stock so weak.
If it weren't for Dropbox (DBX) this Micron story would be the story of the day given that it also has implications for Western Digital and Seagate (STX) as well as Lam (LRCX) and KLA-Tencor (KLAC) and Applied Materials (AMAT) . Of course if Micron's down big then you have implications for Texas Instruments (TXN) , Intel (INTC) , Advanced Micro (AMD) and so many others.
Yes, that's how important Micron's become.
