Micron stock slips 2.50% as Nvidia earnings trigger profit-taking

Micron Technology shares fell 2.50% to $914.92 on Thursday as investors took profits after Nvidia’s earnings report, despite the Nasdaq rising 1.26% and the S&P 500 gaining 0.79%. Micron had advanced 189.28% year to date and 674.24% over the past 12 months. Nvidia reported $96 billion in second-quarter revenue, more than double the year-earlier figure, but said extreme memory pricing would lower gross margins from 75% in the second quarter to 71%–72% in the fourth quarter. Nvidia’s memory suppliers include Micron, SK Hynix and Samsung Electronics. Technical indicators show a longer-term uptrend but weaker near-term momentum, with the relative strength index (RSI, a momentum gauge) at 48.29, resistance at $1012 and support at $891.50.

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