Investopedia: Is Micron A Call Option On Consumer Electronics?

Once again Micron (Nasdaq:MU) has disappointed investors relative to expectations, but that may not really be all that important anymore. The biggest question is whether the memory space has dug out its trough for this cycle or is about to do so soon. For all of the consumer electronics headwinds, the fact remains that Micron is still one of the stronger players, and demand will rebound eventually. Although Micron is really not a good candidate for buy-and-hold, it may have value as an expiration-free call option on a broader sector recovery. (To learn more, check out Options Basics.)

Do Poor Results Matter?  
Micron posted results that are frankly not very impressive and once again missed average expectations (making it three in a row). Revenue fell 7% from the year-ago level and about 2% from the prior quarter. It wasn't all bad news, though. DRAM revenue was basically flat (as double-digit increases in volume offset double-digit decreases in price), but NAND flash product revenue rose about 6% from the fourth quarter.

Read more here:
http://stocks.investopedia.com/stock-analysis/2011/Is-Micron-A-Call-Option-On-Consumer-Electronics--MU-DELL-AAPL-AMZN-STX-WDC-RMBS-SNDK-ALTR-TXN1224.aspx