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Micron Technology

Micron Technology

$MU
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199 stories mentioning Micron TechnologyUpdated just now

Micron trades amid strong semiconductor and tech-sector gains, with the Philadelphia Semiconductor Index surging on US-Iran framework optimism.

Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks advanced late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 5.5%.The Philadelphia Semiconductor Index climbed 4.2%.In corporate news, the US Supreme Court will hear an appeal by Apple (AAPL) challenging lower court rulings that it willfully defied a 2021 ruling involving developer fees for its app store, according to media reports. Apple shares rose 2.2%.AeroVironment (AVAV) shares surged past 20% after it reported stronger-than-expected fiscal Q4 results and issued an upbeat full-year revenue outlook at the midpoint.Super Micro Computer (SMCI) is cooperating with Taiwanese authorities after investigators searched its Taiwan office as part of a probe into suspected exports of Nvidia (NVDA) AI servers to China in violation of trade restrictions, the Financial Times reported. Super Micro shares rose 4.1%, and Nvidia added 2.1%.Micron Technology (MU) said Tuesday it is investing $250 million into 530A Accounts, also known as Trump Accounts. As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18 and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. Micron shares rose 1.4%.

$AAPL$AVAV$MU$NVDA$SMCI
Sectors

Sector Update: Tech

Tech stocks advanced late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 5.5%.The Philadelphia Semiconductor index climbed 4.2%.In corporate news, Micron Technology (MU) said Tuesday it is investing $250 million into 530A Accounts, also known as Trump Accounts. As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18 and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. Micron shares rose 1.6%.

$MU
Wire

Top Midday Stories: Air Products Ends Louisiana Clean Energy Project; Patrick Industries, LCI to Merge in All-Stock Deal

All three major US stock indexes were up in late-morning trading Tuesday, as investors look to end Q2 on a positive note.In company news, Air Products and Chemicals (APD) said Tuesday it will not proceed with the Louisiana Clean Energy Project due to expected financial returns that do not meet stringent return criteria. The company also said it's finalizing a marketing and distribution agreement with Yara International for renewable ammonia from a green hydrogen project in Saudi Arabia. Air Products shares were up 9.1% around midday.Patrick Industries (PATK) and LCI Industries (LCII) have entered into a definitive agreement to merge in an all-stock transaction, the companies said Tuesday. Under the deal terms, LCI shareholders will receive 1.2440 shares of Patrick common stock for each LCI share. Upon closing, Patrick shareholders will own about 52% of the combined company. Patrick Chief Executive Andy Nemeth will serve as CEO of the combined entity, with Patrick Director Todd Cleveland and LCI Interim CEO Johnny Sirpilla serving as chair and vice chair, respectively. The deal is expected to close in H1 2027, subject to shareholder and regulatory approvals. Patrick shares were down 7.8%, while LCI shares were up 2.8%.Super Micro Computer (SMCI) is cooperating with Taiwanese authorities after investigators searched its Taiwan office as part of a probe into suspected exports of Nvidia (NVDA) AI servers to China in violation of trade restrictions, the Financial Times reported Tuesday, citing a person familiar with the matter. Super Micro shares were up 3.5%, while Nvidia shares were up 1.6%.Micron Technology (MU) said Tuesday it's investing $250 million into 530A Accounts, also known as Trump Accounts. As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18 and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. Micron shares were down 0.4%.Price: $296.45, Change: $+25.10, Percent Change: +9.25%

$APD$LCII$MU$NVDA$PATK$SMCI
Wire

Micron Technology to Invest $250 Million in Trump Accounts

Micron Technology (MU) said Tuesday it is investing $250 million in 530A Accounts, also known as Trump Accounts.As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18, and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas.Price: $1139.80, Change: $-5.48, Percent Change: -0.48%

$MU
Wire

Cencora Pick of the Week at Smart Insider Following Chairman's Share Purchase

Cencora (COR) was Smart Insider's stock pick of the week after Chair Mark Durcan bought $1 million in company shares on May 28.Durcan, who has served as chair since October 2025 and has been a director since 2015, acquired 4,000 shares at $266 apiece, Smart Insider said in a Tuesday note.The purchase followed a decline in the stock after the company's Q2 earnings report, according to Smart Insider.Cencora also announced plans to resume share repurchases, authorizing up to $2 billion after pausing the program in January, according to the note.The transaction was Durcan's fourth purchase during his time on the board, with previous acquisitions ranging from about $100,000 to $200,000.Smart Insider described the purchase as "unusually large" for Durcan, adding that he did not buy shares while serving on the boards of other companies, including ASML (ASML) and Advanced Micro Devices (AMD), or during his tenure as chief executive of Micron Technology (MU).Smart Insider ranked Cencora +1, indicating a strong positive signal.Price: $280.57, Change: $-1.06, Percent Change: -0.38%

$AMD$ASML$COR$MU
Asia Markets

US Equity Indexes Mixed, Mag-7 Lags Amid Micron Technology's Blockbuster Quarterly Results This Week

US equity indexes were mixed as a decline in technology hit tech-heavy gauges, outweighing a lift in sentiment from maritime traffic slowly returning to the Strait of Hormuz, the chokepoint for about a fifth of global energy flows.* The S&P 500 closed at 7,354.02 on Friday versus 7,500.58 a week ago. The Nasdaq Composite stood at about 25,297.62, compared with 26,517.93 a week earlier. The Dow Jones Industrial Average ended at 51,876.11, versus 51,564.70 at the end of last week.* Technology, consumer cyclicals, and communications services were among the bottom five sectors over the past week, according to data compiled by Finviz. Healthcare, utilities, and real estate were the top gainers.* The so-called Magnificent-7 stocks ended the week lower. Shares of Apple (AAPL), one of the Mag-7 stocks, slumped after the company raised prices of its iPads and MacBooks amid surging memory costs. Micron Technology (MU) shares surged even though its blockbuster fiscal Q3 results, fueled by strong demand for memory, failed to trigger a rally in the sector.* West Texas Intermediate crude oil futures slumped 3.5% to $69.47 late Friday, hovering at levels seen around the beginning of the Iran war as maritime traffic continued to pass through the Strait of Hormuz, the chokepoint for about a fifth of global energy flows.* The 10-year US Treasury yield, which traded around 4.67% last month, declined to 4.37% late on Friday and was also lower from 4.45% a week ago.* "While we have heard from a number of Fed officials increasingly willing to consider a higher level of rates, as the latest June dot plot shows, the Committee is clearly divided, with essentially the other half viewing policy as in exactly the right spot and anticipating no additional change this year," Stifel Chief Economist Lindsey Piegza said in a note, referring to impact of supply-push crude oil on elevated headline and core personal consumption expenditures, PCE, price index readings for May.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Micron Offers `Unprecedented Forward Visibility' as Deals Expected to Generate $100 Billon in Revenue
US Markets

Micron Offers `Unprecedented Forward Visibility' as Deals Expected to Generate $100 Billon in Revenue

Micron Technology (MU) offered "unprecedented forward visibility" when it said this week it signed 16 strategic customer agreements that will create $100 billion in revenue over the remaining term of the agreements, Wedbush analysts Matt Bryon and Antoine Legault said in a note to clients.The deals will account for 20% of its dynamic random-access memory, or DRAM, volume and a third of NAND flash memory volume through 2030. The agreements enhance partnerships and provide supply assurance to customers, with four customers Micron described as "very large," three medium-sized clients and smaller firms from the automotive sector."The surprise, in our view, was the level of detail that Micron was able to provide around the forward contracts it has negotiated for a significant portion of its forward bit output, with the new deals seemingly providing unprecedented revenue, margin and earnings certainty for an elongated period," the Wedbush analysts said.Revenue in the third quarter rose to $41.5 billion from only $9.3 billion a year earlier, while earnings were reported at $25.11 a share versus $1.91 per share in Q3 2025, Micron said. Analysts polled by FactSet expected sales of $35.9 billion and earnings of $20.86 a share.Morgan Stanley analysts said in a report that while the quarterly results and outlook are "good," there is a bigger debate about the durability of current conditions.Micron shares jumped almost 16% immediately after the company reported better-than-expected results on Wednesday, becoming one of the top gainers on the S&P 500 and the Nasdaq. The stock was giving back gains pre-market on Friday, trading down almost 6%."We noted in our preview that the investor mindset seems to be much more that people are looking to add vs. the last two quarters where people were looking for reasons to sell, and the after hours reaction (on Wednesday) seemed consistent with that," Morgan Stanley said.Bank of America analyst Vivek Arya reiterated a "buy" rating on the company after the strong quarter reinforced the bank's constructive view on the role memory plays in artificial intelligence, with increasing discipline on the supply side supporting a "durable cycle.""While strategic customer agreements -- now 16, up from last quarter -- may modestly cap near-term pricing upside, they materially enhance visibility and reduce volatility by aligning with customers facing a rising 'memory tax'" of about 35% of AI capital expenditures, Arya said.With a captivating valuation and shares implying a roughly 10% free-cash-flow yield, the bank raised its EPS outlook by 4% to 7% and increased its price objective on the stock to $1,550 a share from $1,500.Demand for DRAM and NAND will continue to "significantly exceed" supply, Micron said. The company said it expects these tight conditions to persist beyond 2027 due to demand across all segments for AI."The memory industry has been structurally transformed by the proliferation of AI," Micron Chief Executive Sanjay Mehrotra said in prepared remarks after the company's earnings were released. "We are only in the early innings of the significant innovation and productivity that can be unleashed in every part of the global economy over time."Marcy Nicholson

$MU
Stocks Fall Pre-Bell as Tech Weakness Persists
US Markets

Stocks Fall Pre-Bell as Tech Weakness Persists

The benchmark US stock measures were tracking in the red before the open Friday as bearish sentiment in the tech sector continues.The S&P 500 declined 0.4%, the Dow Jones Industrial Average was down less than 0.1% and the Nasdaq decreased 1% in premarket activity. The Nasdaq extended its losing streak to a fourth session on Thursday, while the S&P 500 ended just below the flatline. The Dow finished higher.ChatGPT parent OpenAI is considering delaying its proposed initial public offering until next year, The New York Times reported. The company confidentially filed for a potential IPO in the US earlier this month, reportedly targeting a valuation of up to $1 trillion.Apple's (AAPL) shares rebounded 0.6% pre-bell following a 6.2% drop at the close of Thursday. The iPhone maker increased prices of its iPad and MacBook products amid surging memory and storage chip expenses.Micron Technology (MU) dropped 5.4% after closing the previous session up 16%. Nvidia (NVDA) moved 1.1% lower, while Intel (INTC) fell 3.5% and Qualcomm (QCOM) slipped 1.9%.On Thursday, government data showed that consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years.The US economy's real gross domestic product increased at a 2.1% annualized rate in the quarter ended March, the Bureau of Economic Analysis' third and final estimate showed Thursday. This was up from 1.6% growth reported in the second estimate.Treasury yields declined in premarket action, with the two-year rate retreating 2.9 basis points to 4.09% and the 10-year rate sliding 1.4 basis points to 4.38%.Friday's economic calendar has the international trade in goods data, as well as the retail and wholesale inventories reports, all for May, at 8:30 am ET. The final University of Michigan consumer sentiment report for June posts at 10 am, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm.Federal Reserve Bank of Minneapolis President Neel Kashkari is slated to speak at 11:30 am.West Texas Intermediate crude oil fell 3.7% to $69.28 a barrel before the opening bell, while Brent dropped 3.8 % to $72.43.Two US officials told Reuters on Thursday that Iran had fired at a cargo vessel near Oman as it attempted to pass through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps had recently warned vessels against navigating undesignated routes through the strait without coordination with Tehran, according to media reports.Gold inclined 0.5% to $4,067 per troy ounce, while bitcoin edged up 0.2% to $59,298.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MU$NVDA$QCOM
International

Update: US Equity Indexes Mixed as Micron Rally Fails to Lift Tech, Apple Drops After Product Price-Hike Reports

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes traded mixed after Micron Technology's (MU) blockbuster results, fueled by strong demand for memory, failed to lift technology amid a slump in Apple's (AAPL) shares on reports that the iPhone maker increased product prices, and as the annual inflation rate surged to a three-year high.The Nasdaq Composite fell 0.5% to 25,358.60 on Thursday. The S&P 500 slipped less than 0.1% to 7,357.49, ceding intraday gains. The Dow Jones Industrial Average rose 0.1% to 51,920.62, off session highs. Communication services and consumer discretionary led the decliners, while industrials and health care were among the top gainers. Technology was among the decliners.Micron's shares rose almost 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares were up more than 19% earlier in the session. Rising production of HBM, the high-bandwidth memory used in AI accelerators, is driving strong momentum for Micron, with HBM revenue already above $1 billion and market share topping 20%, RBC Capital Markets said in a note.Apple shares slumped 6.1%, among the worst performers on the Nasdaq and the Dow, after the company, according to media reports, raised prices of its iPads and MacBooks amid surging memory and storage chip costs.Meanwhile, in economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023."While we have heard from a number of Fed officials increasingly willing to consider a higher level of rates, as the latest June dot plot shows, the Committee is clearly divided, with essentially the other half viewing policy as in exactly the right spot and anticipating no additional change this year," Stifel Chief Economist Lindsey Piegza said in a note.While the probability of two interest rate increases by December remains elevated, the likelihood slipped to 30% following the PCE data, versus 31% on Wednesday, according to the CME FedWatch tool. There is only a 19% chance that the target rate for fed funds will remain in the 3.5% to 3.75% range by the end of this year.Most US Treasury yields declined, with the 10-year down one basis point to 4.39%. The two-year rate dropped 1.4 basis points to 4.12%.Gold futures climbed 1% to $4,047.60, while silver futures added 0.5% to $58.80.In geopolitical news, Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship Thursday in the Strait of Hormuz, The Wall Street Journal cited two senior US officials in a news report. Subsequently, the International Maritime Organization suspended its evacuation plan for vessels stranded in the Strait of Hormuz, IMO Secretary-General Arsenio Dominguez said in a report from Al Jazeera, a Middle East news broadcaster, on Thursday.This comes after the Revolutionary Guard had warned that commercial vessels only use routes approved by Tehran, Al Jazeera reported. The warning followed an announcement from Oman setting out a new shipping transit route through the strait on Wednesday, saying it had coordinated the route with the International Maritime Organization, the report said.The front-month global benchmark North Sea Brent jumped 1.3% to $74.69 per barrel, while the US West Texas Intermediate rose 2.2% to $71.92 per barrel, rebounding after touching pre-Iran war levels this week.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes
US Markets

Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes

(Updates with market moves at the end of the day.)The Nasdaq Composite extended its losing streak to a fourth session on Thursday as a sell-off in Apple (AAPL) shares soured sentiment on Wall Street.The Nasdaq fell 0.5% to 25,358.6, while the S&P 500 ended just below the flatline at 7,357.5. The Dow Jones Industrial Average rose 0.1% to 51,920.9.Among sectors, consumer discretionary saw the steepest decline, while industrials paced the gainers.Apple shares slumped 6.1%, the biggest drop on the S&P 500 and the Dow. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs.Wedbush Securities said Apple is unlikely to lose customers as a result of the price hikes.Microsoft (MSFT) followed Apple on the Dow, shedding 3.5%. Microsoft announced price increases for the Xbox 512 gigabyte console and the Xbox 1 terabyte model, effective Aug. 1.Micron shares jumped nearly 16%, the third-biggest gainer on the S&P 500. Late Wednesday, the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates Thursday, while the restaurant operator's fiscal fourth-quarter sales fell short of expectations. Shares of the Olive Garden and LongHorn Steakhouse parent fell 0.3%.US Treasury yields were mixed, with the two-year rate down 2.5 basis points at 4.13%, while the 10-year rate was little changed at 4.40%.In economic news, US consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, government data showed.Demand for US durable goods decreased less than estimated in May despite a plunge in civilian aircraft orders, government data showed.US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data released Thursday."For the Fed, still nominally elevated inflation remains unfavorable to say the least and clearly justifies a higher policy target," Stifel said in report e-mailed to. "However, with a still solid pace of activity thanks to a resilient consumer and stable labor market conditions, any expectation of a temporary, or 'transitory', impact can quickly derail a hawkish conviction at the Fed to reverse course and simply reinforces the (Federal Open Market) Committee's position on the sidelines."West Texas Intermediate crude oil was up 2.4% at $72.03 a barrel in Thursday late-afternoon trade, while Brent rose 2.2% to $75.39.Gold was last up 0.8% at $4,041.40 per troy ounce, while silver fell 0.3% to $57.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DRI$MSFT$MU
International

US Equity Markets Mixed After Micron Technology's Results, Surge in Annual Inflation Rate

US equity indexes were mixed on Thursday after Micron Technology's (MU) better-than-expected quarterly results and a surge in the annual inflation rate.* Annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April.* On a month-on-month basis, inflation held steady at 0.4% in May, slower than the 0.5% consensus. Core PCE was unchanged at 0.3%, in line with market expectations.* August West Texas Intermediate crude oil rose $1.69 to settle at $72.03 per barrel, while August Brent crude, the global benchmark, was last seen up $1.61 at $75.35.* Micron Technology shares rose nearly 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue late Wednesday that beat estimates, with Q4 guidance also exceeding consensus.* Apple (AAPL) shares were down about 6.1%, the worst performer on the S&P 500 and the Dow, after the company, according to media reports, raised prices of its iPads and MacBooks amid surging memory and storage chip costs.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.1%.The Philadelphia Semiconductor index climbed up 2.6%.In corporate news, Micron Technology (MU) shares jumped nearly 14% after it reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus.BlackBerry (BB) on Thursday raised its fiscal 2027 guidance as growth in the embedded software solutions division helped buoy Q1 results. Its shares surged over 19%.Apple (AAPL) shares fell 5.9%. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs, news outlets reported.Alphabet's (GOOGL) Google is revamping its AI coding strike team to close the gap with Anthropic in the most profitable AI applications, The Information reported. Alphabet shares were shedding 0.6%.

$AAPL$BB$GOOG$GOOGL$MU
International

Update: US Equity Indexes Mixed as Micron's Blockbuster Results Fail to Trigger Tech Rally While Apple Weighs

(Updates with index/price moves and geopolitical/company news from the first paragraph.)US equity indexes traded mixed after Micron Technology's (MU) strong quarterly results failed to lift technology amid a slump in Apple's (AAPL) shares, and the annual inflation rate surged to its highest level in more than three years.The Nasdaq Composite fell 0.6% to 25,316.1 ahead of Thursday's close. The S&P 500 slipped 0.1% to 7,349.2, giving up intraday gains. The Dow Jones Industrial Average rose 0.2% to 51,968.8, off session highs. Communication services and consumer discretionary led the decliners, while industrials and health care were standout gainers. Technology was among the decliners.Micron's shares rose past 14%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares jumped more than 19% earlier in the session. Rising production of HBM, the high-bandwidth memory used in AI accelerators, is driving strong momentum for Micron, with HBM revenue already above $1 billion and market share topping 20%, RBC Capital Markets said in a note.Apple shares slumped 5.2%, among the worst performers on the Nasdaq and the Dow, after the company, according to media reports, raised prices of its iPads and MacBooks amid surging memory and storage chip costs.Meanwhile, in economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023.In geopolitical news, Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship Thursday in the Strait of Hormuz, The Wall Street Journal cited two senior US officials in a news report.This comes after the Revolutionary Guard had warned that commercial vessels only use routes approved by Tehran, Al Jazeera, a Middle East news broadcaster, reported on Thursday. The warning followed an announcement from Oman setting out a new shipping transit route through the strait on Wednesday, saying it had coordinated the route with the International Maritime Organization, the news report said.The front-month global benchmark North Sea Brent jumped 2.7% to $75.75 per barrel, and the US West Texas Intermediate climbed 2.9% to $72.37 per barrel, rebounding after touching pre-Iran war levels this week.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Wire

Micron Technology's Strategic Customer Agreements Could Drive Re-Rating, UBS Says

Micron Technology's (MU) recently disclosed strategic customer agreements and through-cycle earnings power are setting the stage for re-rating, UBS said in a note Thursday, pointing to floor-pricing provisions and customer commitments.UBS said the agreements could eventually help sustain gross margins well above prior cycle peaks.The brokerage also expects Micron to generate about $380 billion in cumulative free cash flow during 2027 and 2028, enabling substantial share repurchases after CHIPS Act restrictions expire.The brokerage raised its fiscal 2026-2028 earnings estimates following Micron's stronger-than-expected quarterly results and guidance.UBS maintained its buy rating on Micron and a $1,625 price target.Price: $1201.20, Change: $+153.28, Percent Change: +14.63%

$MU
Update: Equity Markets Mixed Intraday as Apple Falls, Micron Rallies
US Markets

Update: Equity Markets Mixed Intraday as Apple Falls, Micron Rallies

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday amid a sell-off in Apple (AAPL) shares and a post-earnings surge in Micron Technology (MU) stock, while investors parsed a slew of economic data.The Nasdaq Composite was down 0.5% at 25,359.4 after midday Thursday, while the Dow Jones Industrial Average rose 0.4% to 52,036.4. The S&P 500 was little changed at 7,360.5. Among sectors, consumer discretionary and communication services saw the steepest declines, while industrials paced the gainers.Apple shares were down 5.3%, the biggest drop on the Dow and among the worst on the S&P 500. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs, news outlets reported.Micron shares jumped 16%, the third-biggest gainer on the S&P 500. Late Wednesday, the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.The results show "the memory and chip trade is well-intact and still in the early stages of playing out with the (artificial intelligence) revolution still in the (third) inning," Wedbush Securities said in a client note. "We are seeing no cracks in AI demand on the chips/hardware or software front which gives us a bright green light to own the core tech winners into year-end."Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates Thursday, while the restaurant operator's fiscal fourth-quarter sales fell short of expectations. Shares of the Olive Garden and LongHorn Steakhouse parent were down 1.7% intraday.US Treasury yields were lower, with the two-year rate down 2.8 basis points at 4.11% and the 10-year rate falling 1.6 basis points to 4.38%.In economic news, US consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, government data showed."(Personal consumption expenditure) price inflation remains too high and will keep the Fed on hold and mulling a potential rate hike at upcoming meetings," BMO said in a note. "On the bright side, a lot of the goods price inflation seemed to be driven by the energy complex, so as energy prices drop this source of inflation pressure should fade."US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data released Thursday.Demand for US durable goods decreased less than estimated in May despite a plunge in civilian aircraft orders, government data showed.West Texas Intermediate crude oil was up 1.6% at $71.46 a barrel intraday, while Brent rose 1.3% to $74.72.Gold was up 0.9% at $4,045.50 per troy ounce, while silver rose 0.6% to $58.40 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DRI$MU
Wire

Correction: Micron's Long-Term Customer Contracts Strengthen Earnings Durability, RBC Says

(Corrects day of the week in the last paragraph.)Micron Technology (MU) newly signed long-term customer agreements are emerging as a key source of margin support and downside protection as the memory upcycle extends into 2027, RBC Capital Market said Wednesday in a report.The 16 strategic contracts, covering roughly a quarter of Micron's revenue, include pricing floors that help protect profitability even if demand softens, the report said.The agreements span portions of Micron's output in DRAM, the working memory inside computers and servers, and NAND, the storage memory used in solid-state drives and phones, the report said. The take-or-pay structure and minimum-revenue commitments reduce downside risk, RBC said.Rising production of HBM, the high-bandwidth memory used in AI accelerators, is driving strong momentum for Micron, with HBM revenue already above $1 billion and market share topping 20%, the report said.The firm expects DRAM pricing to keep climbing through 2027 as AI demand remains robust, RBC said. NAND pricing is also benefiting from firm conditions, though some moderation may emerge as the high base and contract structures settle in, the report said.RBC raised its price target on Micron stock to $1,500 from $1,200 and maintained its outperform rating.On Wednesday, Micron reported fiscal Q3 results and Q4 guidance that exceeded consensus forecasts.Price: $1233.47, Change: $+185.55, Percent Change: +17.71%

$MU
International

Update: US Equity Indexes Mixed as Tech Bulls Whistle Past Micron's Blockbuster Results, Inflation Surges to Three-Year High

(Updates with index/price moves, macroeconomic data, and company/political news from the first paragraph.)US equity indexes traded mixed after strong quarterly results from the $1.4 trillion market-cap Micron Technology (MU) failed to lift technology, and as the annual inflation rate surged to its highest level in more than three years.The Nasdaq Composite fell 0.5% to 25,338.8 after midday Thursday. The S&P 500 slipped by less than 0.1% to 7,354.5, giving up intraday gains. The Dow Jones Industrial Average rose 0.3% to 52,022.6, off session highs. Communication services and consumer discretionary led the decliners, while industrials and health care were standout gainers.In company news, Micron Technology (MU) shares rose nearly 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares jumped more than 19% earlier in the session.In economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023.On a month-on-month basis, inflation held steady at 0.4% in May, slower than the 0.5% consensus. Core PCE was unchanged at 0.3%, in line with market expectations."PCE price inflation remains too high and will keep the [Federal Reserve] on hold and mulling a potential rate hike at upcoming meetings," Scott Anderson, chief US economist at BMO, said. "On the bright side, a lot of the goods price inflation seemed to be driven by the energy complex, so as energy prices drop this source of inflation pressure should fade."While the probability of two interest rate increases by December remains elevated, the likelihood slipped to 29% following the PCE data, versus 31% on Wednesday, according to the CME FedWatch tool. There is only a 21% chance that the target rate for fed funds will remain in the 3.5% to 3.75% range by the end of this year.Most US Treasury yields declined, with the 10-year down 1.4 basis points to 4.39%. The two-year rate dropped 2.6 basis points to 4.11%.Gold futures jumped 0.9% to $4,045.20, and silver futures climbed 0.5% to $58.83.Further in economic news, gross domestic product rose by 2.1% in Q1, revised up from a 1.6% jump in the second estimate, above expectations for no revision in a Bloomberg-compiled survey. Sequential economic growth was 0.5% in Q4.In geopolitical news, Iran's Islamic Revolutionary Guard Corps has warned commercial vessels to only use routes through the Strait of Hormuz approved by Tehran, reopening a point of friction in fragile negotiations between the United States and Iran over the future of the strategic waterway, Al Jazeera, a Middle East news broadcaster, reported on Thursday.The warning came after Oman announced a new shipping transit route through the strait on Wednesday, saying it had coordinated the route with the International Maritime Organization as maritime traffic slowly resumes following weeks of disruption, the news report said.Meanwhile, Israel will continue occupying areas of Lebanon, Syria, and Gaza, rejecting pressure to withdraw from territory its military has seized, Israeli Defence Minister Israel Katz was cited as saying in a separate Al Jazeera report.The front-month global benchmark North Sea Brent rose 1.5% to $74.86 per barrel, and the US West Texas Intermediate climbed 1.7% to $71.56 per barrel, rebounding after touching pre-Iran war levels recently.Further in company news, Bio-Techne (TECH) has signed a definitive agreement to be acquired by Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion, the companies said Thursday. Bio-Techne shares soared 20%, the top gainer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$MU$TECH
Sectors

Sector Update: Tech Shares Rise Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.6%.The Philadelphia Semiconductor index popped 3.6%.In sector news, the US is looking to partner with the EU on AI in an effort to secure supply chains for semiconductors amid increasing competition from China, Bloomberg reported, citing a draft statement of the proposal.In corporate news, Micron Technology (MU) shares jumped past 16% after it reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus.BlackBerry (BB) on Thursday raised its fiscal 2027 guidance as growth in the embedded software solutions division helped buoy Q1 results. Its shares surged over 20%.Alphabet's (GOOG, GOOGL) Google is revamping its AI coding strike team to close the gap with Anthropic in the most profitable AI applications, The Information reported. Alphabet shares were down over 1%.

$BB$GOOG$GOOGL$MU
Sectors

Sector Update: Tech

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.7%.The Philadelphia Semiconductor index climbed up 3.4%.In corporate news, Micron Technology (MU) shares jumped 16% after it reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus.

$MU
International

Update: US Equity Indexes Mixed as Tech Bulls Shrug Off Micron's Blockbuster Fiscal Q3 Amid Hot Inflation Print

(Updates with index/price moves, macroeconomic data, and company news from the first paragraph.)US equity indexes traded mixed after Micron Technology's (MU) strong results failed to boost technology and as inflation remained elevated.The Nasdaq Composite fell 0.1% to 25,445.9, while the S&P 500 rose 0.4% to 7,385.1 and the Dow Jones Industrial Average was up 0.8% to 52,266.4 after midday Thursday. Communication services and consumer discretionary led the decliners, while the industrials sector was the standout gainer.In company news, Micron Technology (MU) shares rose nearly 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares jumped as high as 19% earlier in the session.In economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April.Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023."PCE price inflation remains too high and will keep the [Federal Reserve] on hold and mulling a potential rate hike at upcoming meetings," Scott Anderson, chief US economist at BMO, said. "On the bright side, a lot of the goods price inflation seemed to be driven by the energy complex, so as energy prices drop this source of inflation pressure should fade."In energy markets, the front-month global benchmark North Sea Brent rose 1.3% to $74.67 per barrel, and the US West Texas Intermediate climbed 1.6% to $71.44 per barrel.

Dow JonesNasdaq CompositeS&P 500$MU

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