Why Lam Research (LRCX) Stock Is Moving

Lam Research Corporation LRCX shares are trading higher by 6.11% to $514.73 Wednesday afternoon. 

Shares of semiconductor companies are trading higher in sympathy with Micron, which said customer inventories have declined in several end markets.

What's Going On With Micron?

Micron on Tuesday reported quarterly losses of $1.91 per share which missed the analyst consensus estimate of a loss of 81 cents.

The company also reported quarterly sales of $3.69 billion which missed the analyst consensus estimate of $3.72 billion by roughly 1%. This sales figure represents a 52.6% decrease over sales of $7.79 billion in the same period last year.

"Micron delivered fiscal second-quarter revenue within our guidance range in a challenging market environment. Customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance," said Sanjay Mehrotra, president and CEO of Micron...Read More

According to data from Benzinga Pro, LRCX has a 52-week high of $570.99 and a 52-week low of $299.59.