A micron is one of the smallest measurements of length, equal to one-millionth of a meter. But you wouldn't know that judging by the recent performance of the stock.
Shares of the Boise, Idaho-based chip giant are down nearly 15 percent this month, tracking for its worst month since January 2016, when the stock fell 22 percent amid a broader market sell-off. Micron shares fell nearly 3 percent on Friday, slightly off its session lows, after the company reported weak guidance and warned about tariffs' impact on its earnings. Some investors aren't buying the dip.
"You really don't see any evidence so far of any stabilization in Micron, and that's a real concern," Mark Newton, founder and president of Newton Advisors, said Friday on CNBC's "Trading Nation." The stock has been trending down since the latter part of May, down substantially, but still showing this pattern of lower highs, lower lows."
Newton sees the stock falling another 18 percent, around the $37 to $40 per share level. He sees vast uncertainty surrounding the stock, due to discouraging technical signals and fundamental drivers.