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Tech stocks eased in late Thursday afternoon trading with the Technology Select Sector SPDR Fund (XLK) down 0.1% and the SPDR S&P Semiconductor ETF (XSD) declining 0.4%.
The Philadelphia Semiconductor index fell 0.7%.
In corporate news, VeriSign's monopoly over website domain registration is responsible for increasing prices of the most coveted domains, the American Economic Liberties Project said. The non-profit organization and a coalition of allies sent two letters to the National Telecommunications and Information Administration and Department of Justice, urging them to end VeriSign's monopoly. VeriSign shares fell 0.5%.
CleanSpark agreed to buy Griid Infrastructure in an all-stock deal with a total enterprise value, including the assumption of debt, of $155 million. CleanSpark shares were little changed, Griid tumbled 49%.
Micron Technology forecast sales of $7.6 billion, plus or minus $200 million, for Q4. Analysts polled by Capital IQ expect $7.58 billion. "Micron tumbled after an unimpressive current-quarter forecast and dragged down chip stocks, while caution ahead of economic data and a presidential debate also dented sentiment," D.A. Davidson said in a note. Micron shares slumped 7.3%.
Concentrix shares rose 8.4%, a day after the company posted higher fiscal Q2 non-GAAP diluted earnings and revenue.
Tech stocks were edging higher in late Thursday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) up 0.2% and the SPDR S&P Semiconductor ETF (XSD) fractionally higher.
The Philadelphia Semiconductor index fell 0.3%.
In corporate news, VeriSign's monopoly over website domain registration is responsible for increasing prices of the most coveted domains, the American Economic Liberties Project said Thursday. The non-profit organization said that it and a coalition of allies sent two separate letters to the National Telecommunications and Information Administration and Department of Justice urging them to end VeriSign's monopoly. VeriSign shares were falling 0.7%.
On Wednesday, Micron Technology Inc posted a failed-to-impress fiscal third quarter report. But, even even guiding for record results didn’t bring as much as expected enthusiasm as Micron holds the promise of being one of the biggest beneficiaries of the AI era next to the AI darling and chip leader, Nvidia Corporation and that comes with grand expectations as its shares have more than doubled over the past year. While the smartphone and PC markets remain sluggish, its data center business grew 50% on a quarter-to-quarter basis on the back of a strong AI portfolio.
Fiscal Third Quarter Highlights
For the quarter ended on May 30th, Micron reported a revenue of $6.81 billion, surpassing LSEG’s consensus estimate of $6.67 billion. Micron reported it is gaining share in high-margin AI products, including HBM and data center storage offerings.
Compared to last year’s comparable quarter when it reported a loss of $1.9 billion, or $1.73 per share, Micron managed earn a net income of $332 million, or 30 cents per share. Adjusted earnings per share amounted to 62 cents, also surpassing LSEG’s consensus estimate of 51 cents.
Micron Is Well Positioned For AI-Fueled Growth
For the fourth-quarter, Micron guided for revenue growth of about 90%. On the earnings call, CEO Sanjay Mehrotra emphasized that data center revenue is on track to reach record levels in fiscal 2024 and continue to grow significantly throughout fiscal 2025. Moreover, Micron expects to significantly improve its profitability in fiscal 2025 despite increased spending to support its costly AI-related offerings. Mehrotra also said the company’s AI-oriented products were likely to increase in price. What bodes well for Micron is that it has Nvidia needs, as its advanced memory are needed for AI graphics processing units (GPUs) that Nvidia designs and sells.
Micron remains confident that it will be one of the biggest beneficiaries in the semiconductor industry of the multi-year growth opportunity driven by AI. Micron said that its high bandwidth memory, the kind used in AI chips, is sold out through 2025. As a computer memory and data storage solution maker, Micron’s offerings make it well positioned in a world that is racing to enable AI. More importantly, by providing the AI darling, Nvidia with memory solutions for its chips, it pretty much secured its benefits through this partnership. But, the latest quarter just wasn’t as impressive as anything below fantastic is not good enough amid such lofty expectations.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tech stocks were mixed in Thursday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) rising 0.3% and the SPDR S&P Semiconductor ETF (XSD) down 0.6%.
The Philadelphia Semiconductor index fell 0.6%.
In corporate news, Micron Technology forecast sales of $7.60 billion, plus or minus $200 million, for Q4. Analysts polled by Capital IQ expect $7.58 billion. "Micron tumbled after an unimpressive current-quarter forecast and dragged down chip stocks, while caution ahead of economic data and a presidential debate also dented sentiment," a research note from D.A. Davidson said. Micron shares sank 6%.
Concentrix shares popped 11% in recent trading, a day after the company posted higher fiscal Q2 non-GAAP diluted earnings and revenue.
An initiative to classify Massachusetts Uber and Lyft drivers as independent contractors is allowed to appear on the 2024 ballot, the state Supreme Judicial Court said Thursday. Uber shares fell 0.2% and Lyft added 1.1%.
US equity indexes rose in choppy trading while government bond yields fell after midday on Thursday as a surprise increase in durable goods orders coincided with an upward revision in the final estimate for Q1 economic growth.
The Nasdaq rose 0.3% to 17,846.4 after midday Thursday, and the S&P 500 climbed less than 0.1% to 5,480.8, with both benchmarks erasing declines from earlier in the session. The Dow Jones Industrial Average advanced 0.2% to 39,204.2.
Consumer discretionary was the top gainer intraday, while consumer staples and healthcare led the decliners.
In economic news, new orders for US durable goods rose 0.1% in May, following a 0.2% gain the previous month, versus expectations for a 0.5% decrease in a survey compiled by Bloomberg. Excluding a 0.6% gain in transportation orders, new orders would have been down 0.1% after a 0.4% increase in April. Expectations were for a 0.2% gain.
US gross domestic product was revised higher to a 1.4% increase in Q1 from a 1.3% gain in the previous estimate, in line with a 1.4% increase expected in a survey compiled by Bloomberg. GDP rose by 3.4% in Q4.
US initial jobless claims fell to 233,000 in the week ended June 22 from an upwardly revised 239,000 in the previous week, compared with expectations for 235,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose to 236,000 from 233,000 previously.
While topline growth continues to tell a story of "steady" activity at the start of the year, the slowdown in consumer activity coupled with weaker durable orders activity in May paint a weaker expectation for growth in Q2, according to a note from Stifel.
"Taking all the circumstances into account, I continue to believe conditions will likely call for a cut in the federal funds rate in the fourth quarter of this year," Atlanta Federal Reserve Bank President Raphael Bostic said. "There are plausible scenarios in which more cuts, no cuts, or even a raise could be appropriate. I will let the data and conditions on the ground be my guide."
The US 10-year yield retreated 3.3 basis points to 4.28%, and the two-year rate slid 3.5 basis points to 4.71%.
In its fiscal Q3 results released late Wednesday, Micron Technology forecast sales of $7.60 billion, plus or minus $200 million, for Q4. Analysts polled by Capital IQ expect $7.58 billion. Shares of the chipmaker slumped 6.8% intraday, the steepest among a group of large technology companies with a market capitalization of between $10 billion and $200 billion.
"Micron tumbled after an unimpressive current-quarter forecast and dragged down chip stocks, while caution ahead of economic data and a presidential debate also dented sentiment," a research note from D.A. Davidson said. Nvidia (NVDA) and Qualcomm (QCOM) were down the most among mega-caps in the technology sector.
Walgreens Boots Alliance shares sank 25% intraday, the laggard on the S&P 500 and the Nasdaq, after the drug-store operator's fiscal Q3 adjusted earnings fell short of market estimates while it cut full-year earnings outlook.
West Texas Intermediate crude oil rose 0.8% to $81.52 a barrel.
Gold jumped 1% to $2,336.42 an ounce, while silver gained nearly 0.1% to $29.27.
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