On June 5, Direxion Daily MU Bull 2X Shares (MUU) declined 5.5% overnight, trading at $867.01/share, with trading volume of $1.1931 million.
The decline was driven by a broad sell-off in memory and semiconductor stocks after Broadcom reported earnings that failed to raise its AI revenue guidance for the upcoming fiscal year, triggering sector-wide selling pressure. Micron Technology, the underlying stock for this leveraged ETF, fell 7.74% with turnover of $53.642 billion on the same session, as investors dumped storage and AI-related chip names in reaction to the perceived slowdown signal.
The sell-off came despite a string of bullish analyst upgrades in prior days, including Morgan Stanley raising its Micron target from $520 to $1,050, Raymond James lifting its target to $1,110, and Susquehanna setting a $1,750 price target. Morgan Stanley had also noted that DRAM remains the key bottleneck in AI computing demand and that supply-demand imbalances should persist, supporting continued earnings upside for memory makers.
(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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