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Why Micron Shares Are Falling

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Micron ($MU@US) was trading lower yesterday as investors weighed Wednesday's Fed announcements and assessed the tapering outlook. Three rate hikes for 2022, which the Fed subsequently confirmed, could weigh on tech and growth stocks over the next year. Micron shares were also trading lower amid overall market weakness as the omicron variant pressures stocks across the broader tech sector. Micron historically focused on designing and manufacturing components for PCs and servers. The firm then expanded into the flash memory market. The firm's products are tailored to PCs, data centers, smartphones, game consoles, automotive, and other computing devices. Micron stock trades at under 4x trailing revenues. Due to a semiconductor supply glut that drove Micron's sales down to $23.4 billion in 2019 and further to $21.4 billion in 2020, the company made a strong recovery to almost $28 billion in 2021. Micron has a 52-week high of $96.96 and a 52-week low of $65.67.

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