Trump Mentions Micron on Truth Social as Stock Falls Despite Earlier Gains
Former President Donald Trump praised semiconductor company Micron Technology (MU) in a post on his social media platform, calling it one of the 'hottest' companies globally. However, MU stock fell by 5% this week despite the endorsement and recent news about its $10 billion research lab announcement from last week. Micron's stock had initially surged 3.97% when the lab was first announced on August 20 but has since erased those gains. The decline accelerated further with a sharp drop of 5.83% on August 24, affecting not just Micron but also rival memory stocks like SanDisk. Analysts remain optimistic about Micron's long-term prospects despite the recent sell-off, maintaining an average price target significantly higher than current levels.
Tickers: $MU
Topics: market reaction Micron Trump Truth Social post