Micron Technology Inc. (NASDAQ: MU), a global manufacturer and marketer of semiconductor devices, is down sharply in mid-day trading today, extending its losses from the previous trading session. MU had fallen nearly 7% on Friday after the company reported disappointing first-quarter results.
MU reported a net loss of $275 million, or $0.27 per share for the first quarter ended November 29, 2012, compared to a net loss of $187 million, or $0.19 per share reported for the same period in the previous year. Revenue for the quarter dropped 12% to $1.83 billion.
MU is currently trading 1.58% lower at $6.22 on volume of 2.78 million, which is well below the daily average volume of 25.13 million. MU has support at around $6.20.
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Apple Inc. (NASDAQ: AAPL), the Cupertino, California-based maker of iPhones and iPads, is marginally higher in mid-day trading today. At last check, AAPL was trading 0.04% higher at $519.54 on volume of 3.33 million. The stock has gained nearly 2% in the last five trading sessions.
AAPL made bit of a recovery last week after falling sharply in the prior two weeks. However, the stock is still trading well below its 50-day and 200-day moving averages. AAPL rebounded last Monday after the company announced that iPhone 5 first weekend sales in China exceeded two million. However, the stock failed to extend its rally, gaining just 0.1% in the next four trading sessions.
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