The price of Micron shares began to drop this morning at the opening bell of the NASDAQ exchange. As of 9 a.m., Micron shares had lost more than 5 percent of their value, trading at $5.80. In Feburary, Micron was trading close to $9.
This morning's performance comes in the shadow of Wednesday's announcement that it had lost $320 million for the quarter ending May 31. Micron has lost nearly $1 billion over the past four quarters.
But Micron officials were quick to point out that it had $2.7 billion in cash and investments and had reported $2.2 billion in quarterly sales, approximately the same as a year ago.
In May, Micron won the the right to negotiate exclusively to buy Elipida Memory, a Japanese chipmaker. Micron offered more than 200 billion yen ($2.5 billion) for Elipda. If successful with the takeover, Reuters reported that Micron could "more than double its global market share."
Micron employs approximately 5,600 people at its Boise campus.