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Major Movers on June 20; MU, NOK, MSFT, GME, RAD, FNSR, WMGI

Micron Technology Inc, (NASDAQ: MU) plunged about 3.15% by afternoon trade. Across-the-board sell-off in U.S. equities on Thursday could be the only reason why Micron shares are sliding. The Company handed better-than-expected fiscal third quarter results on Wednesday. For the quarter, the company reported adjusted earnings of 4 cents a share on revenue of $2.32 billion while analysts’ consensus estimate was for earnings of 2 cents a share on revenue of $2.25 billion. On Thursday, at least five brokerage firms lifted their price target on Micron Technology’s shares. Nokia Corporation (ADR) (NYSE: NOK) gained about 2.30% by afternoon trade. A Wall Street Journal report cited sources familiar with the matter as saying that Microsoft Corp (NASDAQ: MSFT) was in advanced stage of talks with Nokia Corp to acquire its mobile making unit; however the deal paused due to disagreements over the price. The report also added that any further development looked unlikely. Shares of GameStop Corp (NYSE: GME) rallied about 6.70% by afternoon trade. Microsoft Corp (NASDAQ: MSFT) reiterated on Wednesday that its Xbox One videogame console doesn’t need internet connection to play games; adding that gamers can play any disc based game after they set up one-time system. Besides, Microsoft also said that the users can share these games without any limitations. Shares of Rite Aid Corporation (NYSE: RAD) slumped 6.75% by afternoon trade after the drugstore chain reported lower-than-expected fiscal first quarter revenue on Thursday. For the quarter, the drug store chain posted adjusted earnings of 9 cents a share, matching analysts’ consensus estimate. Revenue stood at $6.3 billion while analysts expected it at $6.27 billion. Meanwhile, the company also said that fiscal 2014 results are expected to come at the lower end of the original guidance. Shares of Finisar Corporation (NASDAQ: FNSR) skyrocketed about 11% by afternoon trade. Acquisition related write-downs and charges dented the bottom line in the fiscal fourth quarter but adjusted earnings topped Street’s expectation. In addition, the Company also provided better-than-expected outlook for the fiscal first quarter, late last evening. For the quarter ended April 28, the Sunnyvale, California-based Company reported earnings of $3.9 million or 4 cents a share down from $18 million or 19 cents a share, in the year earlier quarter. However, after excluding onetime items, the Company earned 20 cents a share compared to 21 cents a share in the same period of last year. Revenue rose 1.5% to $243.4 million. Analysts’ consensus estimate was for 17 cents a share on revenue of $243 million. Gross margin improved 27.7% from 27.3%. Shares of Wright Medical Group Inc (NASDAQ: WMGI) climbed 5.65% by afternoon trade. Wright Medical said on Wednesday that it has entered in a definitive agreement with MicroPort Medical B.V. under which its subsidiary, MicroPort Medical will acquire Wright Medical’s OrthoRecon business in deal estimated at $290 million. The deal is expected to close by the end of the third or start of the fourth quarter, subject to an approval from stakeholders in MicroPort and regulatory and authority.  

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