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Red Hot Stock-Micron Technology, Inc.

 (Image source: wsj)

Shares of Micron Technology, Inc. (NASDAQ:MU) are soaring this morning after reporting first quarter earnings that were well above analyst expectations. The memory chips maker reported revenues of $4.04 billion for the quarter, which beat estimates by $320 million. Net income came at 77cents a share, well above the 43 cents a share estimate from analysts. Memory chip sales for PCs, Smartphones, and mobile devices rose a combined 77 percent in the Q1. Shares are currently up 9 percent. Analysts on the street have a price target in the upper 20’s for the stock. Since the year started, shares are up 12 percent already.