Micron (MU) is scheduled to report results of its fiscal third quarter after the market close on June 20, with a conference call scheduled for 4:30 pm ET. What to watch for:

1. GUIDANCE: At an analyst and investor event on May 21, Micron said it had raised its guidance for Q3 to reflect a "healthy industry environment." The company raised its Q3 earnings per share view to $3.12-$3.16 from $2.76-$2.90 and raised its revenue view for the quarter to $7.7B-$7.8B from $7.2B-$7.6B. At the time, analysts were expecting Micron to report Q3 EPS of $2.84 on revenue $7.46B, but those figures have since risen to $3.12 from $7.75B.

2.MORGAN STANLEY DOWNGRADE: On May 31, just ten days after the guidance boost, Morgan Stanley analyst Joseph Moore downgraded Micron to Equal Weight from Overweight, saying at the time that he believed the continued strength in DRAM looked priced in and the NAND recovery that bulls are eyeing in the second half of the year seemed "increasingly unlikely." Moore acknowledged at the time that his call would likely be a bit early, but noted that he would rather "err on the side of caution." 

3. CHINA INVESTIGATION: On May 25, China's Anti-Monopoly Bureau of Ministry of Commerce held a meeting with representatives from Micron to express concerns about the continuing price increase for PC DRAM products over the past quarters. The rising prices have made Chinese PC-OEMs struggling under component cost pressure, according to the Ministry. The Ministry added at the time that DRAM manufacturers, which also include Samsung (SSNLF) and SK Hynix, are most likely to be investigated due to "limiting the amount of products for sale" in the antitrust laws. A week later, Micron told Bloomberg in an emailed statement that Chinese regulators visited the company's offices seeking certain information.

4. SHARE BUYBACK: Micron also announced at its analyst and investor event in May that its board had authorized the discretionary repurchase of up to $10B of its outstanding common stock, in conjunction with newly announced plans to return at least 50% of free cash flow to stockholders beginning in FY19.