Micron (MU) closed the most recent trading day at $33.99, moving -1.96% from the previous trading session. This change lagged the S&P 500's 1.07% gain on the day. Elsewhere, the Dow gained 0.65%, while the tech-heavy Nasdaq added 1.71%.Heading into today, shares of the chipmaker had gained 2.33% over the past month, outpacing the Computer and Technology sector's loss of 2.02% and the S&P 500's loss of 0.58% in that time.Wall Street will be looking for positivity from MU as it approaches its next earnings report date. This is expected to be March 28, 2019. In that report, analysts expect MU to post earnings of $1.80 per share. This would mark a year-over-year decline of 36.17%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.02 billion, down 18.16% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $7.94 per share and revenue of $26.14 billion. These totals would mark changes of -33.56% and -14%, respectively, from last year.It is also important to note the recent changes to analyst estimates for MU. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 17.18% lower. MU is holding a Zacks Rank of #5 (Strong Sell) right now.In terms of valuation, MU is currently trading at a Forward P/E ratio of 4.36. Its industry sports an average Forward P/E of 4.36, so we one might conclude that MU is trading at a no noticeable deviation comparatively.Meanwhile, MU's PEG ratio is currently 0.69. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Semiconductor Memory was holding an average PEG ratio of 0.69 at yesterday's closing price.The Semiconductor Memory industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 256, which puts it in the bottom 1% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research