What goes up must come down. Silvant CIO Michael Sansoterra explains why Micron's massive multiple expansion means even a great earnings beat is already priced in.
Memory stocks got torched Tuesday, and one veteran money manager has a warning for anyone who bought the run-up: what goes up that fast can come down just as fast.
Silvant Capital Management CIO Michael Sansoterra told CNBC that the memory complex had gone "hyperbolic," and that violent moves cut both ways.
He pointed to Micron Technology Inc.
(NASDAQ:MU), which he said had re-rated from roughly 5 times earnings to 10 times during its run.
The selloff was brutal.
...the further the rubber band stretches to the upside, the sharper the reversion to the downside is likely to be...
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