Morning Buzz: Micron (MU), Advanced Micro Devices (AMD), PMC-Sierra Inc. (PMCS), Xenoport (XNPT)

Micron Technology, Inc. (MU) shares are up $0.73 to $15.50 in pre-market trading Friday after the company reported its fourth quarter 2015 earnings results.

The chipmaker posted earnings of $0.37 per share on revenues of $3.60 billion, down 14.8% from a year ago. Analysts were expecting EPS of $0.32 on revenues of $3.56 billion. For the year, the Boise, Idaho-based company reported profit of $2.9 billion, or $2.47 per share. Revenue was reported as $16.19 billion. Looking ahead, Micron provided Q1/16 EPS guidance of $0.20 – $0.26 versus consensus of $0.38 per share. The company also issued revenue projection of $3.35 – $3.60 billion, compared to the consensus revenue estimate of $3.72 billion.

Advanced Micro Devices, Inc. (AMD)  – AMD plans to cut its workforce by 500 jobs, or about 5%, and take a restructuring charge of $42 million. The company said it expects to save about $58 million in expenses in fiscal 2016.

Shares of PMC-Sierra Inc. (PMCS) are higher by more than 5% to $7.65 in pre-market trading on Friday following a Bloomberg report that said the semiconductor firm is exploring a possible sale.

PMC rose 7% to $7.25 at the close Thursday in New York. It was the stock’s sharpest gain in almost two years.

Xenoport, Inc. (XNPT) shares surged 6.61% to $3.71 in pre-market trading after the company announced plans to maximize the value of its treatment for restless leg syndrome, HORIZANT, and named Vincent Angotti as CEO. XenoPort said it will discontinue the development of XP23829, its multiple sclerosis treatment, and seek to partner this and other high potential development stage assets.

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