What Micron's earnings beat but light guidance could mean for our chip stocks

Micron Technology shares fell as much as nearly 6% during Friday's session, following the memory chip maker's release of its much-anticipated earnings report after Thursday's closing bell. Those fiscal third quarter results beat estimates on per-share earnings and revenue but came alongside weaker-than-expected guidance for its current quarter. It's worth noting that Micron shares were able to cut in roughly half their earlier declines by the close.

Of our chip names, this commentary is mostly relevant to AMD, which makes processors and graphics chips that go into both desktop computers and laptops. . But just like with Qualcomm and smartphones, it's become clear in recent months that the market is concerned about a slump in PC sales and some investors have been dumping AMD shares accordingly. The stock was down over 45% year to date as of Thursday's close, and was in the red again Friday by more than 3%.

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