We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Markets fought to stay in the green today, though in the end we saw the S&P 500 come in flat (+0.02%) and the Nasdaq +0.22% on the day while the Dow was -0.20%. Only the small-cap Russell 2000 had a decent day, +0.94%, though it is still the worst-performing of the four major indices over the past month and past six months. This comes a day after markets tumbled in the face of high bond yields, faint but persistent calls for a pending recession, and a possible U.S. government shutdown looming.
Boise, ID-based data storage chipmaker Micron (MU - Free Report) reported fiscal Q4 earnings after today’s closing bell, putting up mixed numbers on top and bottom lines for both the quarter and the full year: negative earnings of -$1.43 per share was worse than the -$1.19 in the Zacks consensus, while revenues in the quarter of $4.01 billion easily surpassed the estimated $3.91 billion A yea ago, these figures were +41% on the top line and +182% on the bottom: +$1.45 per share. Shares are trading down -3% in the late session on the news.
It’s been a rough quarter for Micron, with retaliation from the Chinese government after the Biden administration put a ban on chip exports to China. Chinese businesses had reported contributed +11% to company sales. The company CEO rightly claimed it has been a “challenging environment for memory and storage,” in any case. Micron stock is still up over +30% year to date, even with the after-market sell-off.
Tomorrow we’ll get a full compliment of economic data, including the usual Weekly Jobless Claims, Pending Home Sales for August and a final revision to Q2 GDP, which went from +2.0% to +2.1% on the previous two takes. Also, fiscal Q1 earnings results from Nike (NKE - Free Report) are expected to hit the tape after Thursday’s closing bell. Analysts expect a -20% drop in revenues year over year, but a +2.25% gain on the bottom line.
Image: Bigstock
Micron (MU) Mixed After the Bell, Shares -3%
Markets fought to stay in the green today, though in the end we saw the S&P 500 come in flat (+0.02%) and the Nasdaq +0.22% on the day while the Dow was -0.20%. Only the small-cap Russell 2000 had a decent day, +0.94%, though it is still the worst-performing of the four major indices over the past month and past six months. This comes a day after markets tumbled in the face of high bond yields, faint but persistent calls for a pending recession, and a possible U.S. government shutdown looming.
Boise, ID-based data storage chipmaker Micron (MU - Free Report) reported fiscal Q4 earnings after today’s closing bell, putting up mixed numbers on top and bottom lines for both the quarter and the full year: negative earnings of -$1.43 per share was worse than the -$1.19 in the Zacks consensus, while revenues in the quarter of $4.01 billion easily surpassed the estimated $3.91 billion A yea ago, these figures were +41% on the top line and +182% on the bottom: +$1.45 per share. Shares are trading down -3% in the late session on the news.
It’s been a rough quarter for Micron, with retaliation from the Chinese government after the Biden administration put a ban on chip exports to China. Chinese businesses had reported contributed +11% to company sales. The company CEO rightly claimed it has been a “challenging environment for memory and storage,” in any case. Micron stock is still up over +30% year to date, even with the after-market sell-off.
Tomorrow we’ll get a full compliment of economic data, including the usual Weekly Jobless Claims, Pending Home Sales for August and a final revision to Q2 GDP, which went from +2.0% to +2.1% on the previous two takes. Also, fiscal Q1 earnings results from Nike (NKE - Free Report) are expected to hit the tape after Thursday’s closing bell. Analysts expect a -20% drop in revenues year over year, but a +2.25% gain on the bottom line.
Questions or comments about this article and/or author? Click here>>