Micron Technology's (MU) fiscal third-quarter earnings results topped estimates, reporting adjusted earnings of $0.62 per share (expected $0.50 per share) and $6.81 billion in revenue (expected $6.67 billion) after the market close on Wednesday. While closing just a pinch higher in Wednesday's regular trading hours, Micron shares are dropping in after-hours trading.

Synovus Trust Senior Portfolio Manager Dan Morgan comes onto Market Domination Overtime to comment on the chip company's guidance while it's now being considered a top AI play. Micron's stock has currently swung higher by over 72% in 2024 year-to-date.

"It looks like the stumbling block right now.... was that revenue number $7.6 billion plus-or-minus $200,000, that's exactly what the Street was looking for," Morgan tells Yahoo Finance. "I was looking over kind of what the expectations were, and the motto really seemed to be 'beat on the third quarter and raise on the fourth quarter.' And the fact that they didn't raise that revenue number and they came in line, I think that... is why we're seeing the stock sell off a little bit."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.