Movement Alert｜Micron Technology Rises 3.74% in Pre-Market Trading, BofA Reaffirms Buy Rating Calling Semiconductor Pullback a Healthy Correction

Market Focus07-09

On July 9, Micron Technology rose 3.74% in pre-market trading, trading at 988.64 USD/share, with turnover of approximately $166 million.

On the news front, Bank of America issued its latest report characterizing the recent semiconductor sector pullback as a \"healthy correction\" rather than a trend reversal, reaffirming its \"Buy\" rating on Micron Technology with a target price of $1,550. The report noted that storage chips currently trade at only 10x earnings, which BofA considers severely undervalued. Previously, Micron and SanDisk had declined over 20% from recent highs, technically entering bear market territory. Following consecutive sessions of sharp declines, bargain-hunting demand emerged, and the storage sector showed signs of stabilization.

In the options market, institutional investors were observed selling large volumes of far-dated out-of-the-money put options totaling $9.45 million, signaling confidence that the stock will maintain elevated levels. The broader chip sector also rallied in pre-market trading, with Intel up over 3% and Marvell Technology up over 3%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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