Micron Technology (MU) shares plummeted 6.19% in pre-market trading on Wednesday, underperforming the broader market. The semiconductor giant's stock price drop comes amid a lack of guidance update for the second quarter and news about its expansion plans in India.
According to reports, Micron has reaffirmed its previously issued guidance for the second quarter, without providing any changes or updates. The company had earlier projected earnings per share (EPS) of $1.43 +/- $0.10 and revenue of $7.9 billion +/- $200 million.
Additionally, Micron is reportedly seeking bids for Phase 2 of its semiconductor factory in Sanand, India, with construction companies like L&T and KEC International among the contenders. While this expansion could be positive in the long run, it may not significantly impact the company's near-term performance.
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