On June 26, GraniteShares 2x Long MU Daily ETF declined 8.79% in pre-market trading, trading at $37.597/share, with turnover of approximately $656,300. The ETF tracks Micron Technology's daily performance with 2x leverage, and Micron fell over 3.6% in pre-market trading the same session.
On the news front, Micron Technology surged 15.74% in the prior regular session after reporting blockbuster Q3 results — revenue of $41.46 billion (up 346% YoY), adjusted EPS of $25.11 (vs. $1.91 a year earlier), and gross margin reaching a record 84.9%. The company guided Q4 revenue to approximately $50 billion, far exceeding consensus estimates of $43.2 billion. Following the massive single-day rally that briefly pushed Micron's market cap above $1.4 trillion, some investors opted to lock in gains.
Compounding the pullback, U.S. May PCE inflation data breached 4% for the first time in three years, fueling concerns that the Fed may tilt hawkish. The semiconductor sector broadly weakened in pre-market trading. Due to the ETF's 2x leverage structure, Micron's roughly 4% decline corresponds to approximately a 9% drawdown in the leveraged product.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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