Micron CEO updated corporate guidance at a technology conference.
The company went forward with large buybacks in FQ1.
The lowered revenue guidance will ultimately guide the stock.
At an investor conference on Wednesday, theMicron Technology(MU) CEO updated guidance that was not a shock to ourinvestment thesis. The shocking part is that the company plowed ahead with large-scale stock buybacks in the face of a downturn gaining steam and knowledge that sector cycles always end up worse than expected.