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Micron Technology

Micron Technology

$MU
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200 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.

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
Wire

New Street Research Adjusts Micron Technology Price Target to $470 From $345

Micron Technology (MU) has an average rating of buy and mean price target of $1,436.02, according to analysts polled by FactSet.Price: $1197.10, Change: $+149.18, Percent Change: +14.24%

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Wire

Top Midday Stories: Micron Shares Soar After Estimate-Topping Earnings Results; Bio-Techne to be Acquired by Merck for $11.3 Billion

The Dow Jones Industrial Average and S&P 500 were up in late-morning trading Thursday, while the Nasdaq Composite was down, as investors weighed Micron Technology's (MU) latest earnings results as well as new data from the Federal Reserve's preferred inflation measurement.The personal consumption expenditures index increased by 0.4% in May, below the 0.5% gain expected and matching April's level, lifting the year-over-year rate to 4.1% from 3.8%, the Bureau of Economic Analysis said Thursday. The core PCE index, which excludes food and gas prices, increased by 0.3%, matching expectations and April's level.In company news, Micron Technology (MU) reported fiscal Q3 adjusted earnings late Wednesday of $25.11 per diluted share, up from $1.91 a year earlier and above the FactSet consensus analyst estimate of $20.86. Fiscal Q3 revenue was $41.46 billion, up from $9.30 billion a year earlier and above the FactSet consensus of $35.91 billion. For fiscal Q4, the company expects adjusted EPS of $31, plus or minus $1, on revenue of $50 billion, plus or minus $1 billion. Analysts polled by FactSet expect $25.72 and $43.58 billion, respectively. Micron shares were up 12.8% around midday.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. The proposed transaction has received board approval from Merck, and it's expected to close by late 2026 or early 2027, subject to regulatory and shareholder approvals, the companies said. Bio-Techne shares were up 19.8%.Apple (AAPL) raised its prices for a number of its MacBooks and iPads as it passes on higher costs for memory and storage to customers, according to media reports Thursday. The tech giant raised the prices on the MacBook Neo, MacBook Air 512GB and MacBook Pro 1T to $699, $1,299, and $1,999 from $599, $1,099 and $1,699, respectively, the reports said. Apple raised the prices on iPad Air 128GB and iPad Pro Wifi 256GB to $749 and $1,199 from $599 and $999, respectively, according to the reports. Apple shares were down 5.2%.All 32 large banks subject to the Fed's annual stress test have sufficient capital to absorb losses totaling nearly $708 billion and continue lending to businesses and households under hypothetical stressful conditions, the central bank said late Wednesday. JPMorgan Chase (JPM), Goldman Sachs (GS) and Morgan Stanley (MS) all boosted their dividends shortly after the results were announced. JPMorgan plans to increase its quarterly dividend to $1.65 per share from $1.50 for Q3, and it also authorized a new $50 billion share buyback program, effective July 1. Goldman plans to increase its common dividend to $5 per share from $4.50, beginning July 1. Morgan Stanley plans to raise its quarterly dividend to $1.15 per share from $1.00, expected to be declared in Q3. The bank also reauthorized up to $20 billion of a multi-year common equity share buyback program without an expiry date.Separately, JPMorgan said Thursday that Doug Petno and Troy Rohrbaugh have been named co-presidents of the company, effective immediately. Petno will also now be sole CEO of the company's Commercial & Investment Bank, while Rohrbaugh will be the CEO of Consumer and Community Banking, or CCB. Current CCB CEO Marianne Lake has decided to retire, the company said. Shares of JPMorgan, Goldman and Morgan Stanley were up 2.2%, 1.5% and 2.3%, respectively.Price: $1182.13, Change: $+134.21, Percent Change: +12.81%

$AAPL$GS$JPM$MS$MU$TECH
Wire

Update: Wedbush Raises Micron Technology Price Target to $1,400 From $1,300, Outperform Rating Kept

(Updates with the analyst's commentary.)Wedbush raised the price target on Micron Technology (MU) to $1,400 from $1,300 while maintaining its outperform rating.The company beat Q2 Street expectations and negotiated contracts that appear to offer "unprecedented revenue, margin and earnings certainty for an elongated period," Wedbush said in its note.Micron believes once it completes negotiating its strategic customer agreements, the deals "will represent 50% (or more)" of the firm's total output, the brokerage said.The biggest deals stretch through 2030, Wedbush said, adding management indicates the pricing floors set should provide the firm with margins exceeding previous cyclical peaks.Micron Technology has an average rating of buy and mean price target of $1,436.02, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1166.00, Change: $+118.08, Percent Change: +11.27%

$MU
Wire

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

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 Thursday, Micron reported fiscal Q3 results and Q4 guidance that exceeded consensus forecasts.Price: $1182.44, Change: $+134.52, Percent Change: +12.84%

$MU
Wire

Micron Technology Sees AI Keeping DRAM Demand Above Supply Beyond 2027, Morgan Stanley Says

Micron Technology (MU) sees artificial intelligence keeping DRAM memory demand well above supply beyond 2027, with the company posting "good" fiscal Q3 results and outlook, modest increases in capex and better than expected long-term agreement disclosures, Morgan Stanley said in a note Thursday.The company's fiscal Q4 guidance of revenue of $50 billion and adjusted earnings per share of $31 at the midpoint was higher than Morgan Stanley estimates of $43.33 billion and $26.01, respectively. Micron further guided spending of $27 billion in fiscal 2026, up from $25 billion previously, the firm noted.For the next quarter, Morgan Stanley now expects revenue and adjusted EPS of $50.02 billion and $31.20. For the November quarter, Morgan Stanley raised its estimates to $57.56 billion in revenue and $35.57 in adjusted EPS. For fiscal 2027, Morgan Stanley now expects $266.87 billion and $168.52, respectively.Additionally, Micron announced 16 deals which account for 20% of DRAM volume and one-third of NAND volume between now and that 2030 timeframe, with prices at the ceiling similar to current Q2 pricing, Morgan Stanley noted.Morgan Stanley raised its price target to $1,200 from $1,050 and maintained its overweight rating.Price: $1173.07, Change: $+125.15, Percent Change: +11.94%

$MU
Wire

Micron Technology's New Contracts Provide Unprecedented Forward Visibility, Wedbush Says

Micron Technology's (MU) fiscal Q3 results beat Wall Street expectations and guidance was also above consensus, but the surprise was the level of detail that the company was able to provide for its forward contracts, Wedbush said in a note Thursday.The new contracts provide "unprecedented revenue, margin and earnings certainty for an elongated period," the note said.The investment firm highlighted that Micron indicated having 16 strategic customer agreements in place, representing 20% of its DRAM output and one-third of its NAND sales.Wedbush also noted that Micron indicated that when it has completed the negotiation of the strategic customer agreements across its customer base, the deals may represent 50% or more of its total output.Micron's largest contracts stretch through 2030 and include price ceilings and floors, the note said, adding that the company's management indicated that "the pricing floors are set at levels that should provide [Micron] with margins above what the company realized during prior cyclical peaks."Wedbush reiterated Micron's outperform rating and lifted the company's price target to $1,400 from $1,300.Micron shares rose over 10% in Thursday trading.Price: $1159.73, Change: $+111.81, Percent Change: +10.67%

$MU
Wire

HSBC Adjusts Price Target on Micron Technology to $1,700 From $1,100, Maintains Buy Rating

Micron Technology (MU) has an average rating of buy and mean price target of $1,404.48, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1157.27, Change: $+109.35, Percent Change: +10.43%

$MU
Wire

Update: Micron Shares Rise After Fiscal Q3 Results Beat Estimates

(Updates with the latest stock move in the headline and the first paragraph.)Micron Technology (MU) shares rose 10% in Thursday trading a day after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus.Q3 adjusted earnings jumped to $25.11 per diluted share from $1.91 a year earlier. Analysts polled by FactSet expected $20.86.Revenue in the quarter ended May 28 surged to $41.5 billion from $9.3 billion a year earlier. Analysts expected $35.9 billion.Micron expects fiscal Q4 adjusted EPS of $31, plus or minus $1, on revenue of $50 billion, plus or minus $1 billion. Analysts expect EPS of $25.72 on revenue of $43.6 billion.The company maintained its quarterly dividend at $0.15 a share, payable July 21 to stockholders of record on July 6.Price: $1155.57, Change: $+107.65, Percent Change: +10.27%

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Wire

Update: BofA Securities Lifts Price Target on Micron Technology to $1,550 From $1,500, Maintains Buy Rating

(Updated to include BofA's commentary)BofA Securities raised its price target on Micron Technology (MU) to $1,550 from $1,500 following its fiscal Q3 results and outlook.According to the brokerage, the results reinforced its constructive view on memory's role in AI and the increasing supply-side discipline supporting a more durable cycle. It also noted enhanced long-term visibility with 16 strategic customer agreements (SCAs) that have defined pricing terms.The brokerage views current valuation as compelling at 10% FCF yield and sees a meaningful step-up in capital returns.Micron Technology has an average rating of buy and mean price target of $1,436.02, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1148.33, Change: $+100.41, Percent Change: +9.58%

$MU
Wire

BofA Securities Lifts Price Target on Micron Technology to $1,550 From $1,500, Maintains Buy Rating

Micron Technology (MU) has an average rating of buy and mean price target of $1,436.02, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1221.79, Change: $+173.87, Percent Change: +16.59%

$MU
Sectors

Sector Update: Tech Stocks Advancing Pre-Bell Thursday

Technology stocks were advancing pre-bell Thursday, with the State Street Technology Select Sector SPDR ETF (XLK) gaining by 3% and the State Street SPDR S&P Semiconductor ETF (XSD) 4.7% higher.Micron Technology (MU) shares were up over 17% in recent premarket activity after the company late Wednesday reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ARM (ARM) shares were up more than 6% before the bell after Nikkei Asia reported, citing a senior executive, that the company's chip architecture now accounts for more than half of the hyperscale cloud-computing market.IBM (IBM) stock gained more than 2% pre-bell after the company said it has created what it calls the "world's first sub-1 nanometer chip technology."

$ARM$IBM$MU$XLK$XSD
International

Update: Continued Oil Price Decline, Micron Earnings Beat Drive US Equity Futures Higher

US equity futures were higher pre-bell Thursday as oil prices fell to their lowest since the start of the US-Iran war and memory chip manufacturer Micron Technology (MU) posted strong fiscal Q3 financial results and issued upbeat guidance.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 2.3% higher.Oil prices dropped to their lowest level since Feb. 28 as more oil tankers have started exiting the Strait of Hormuz. Around 20 million barrels of crude have passed through the waterway in the last 24 hours, Reuters cited US Energy Secretary Chris Wright as saying.Front-month global benchmark North Sea Brent crude was down 0.9% to $73.18 per barrel and US West Texas Intermediate crude was 1.1% lower at $69.55 per barrel, slipping below $70 a barrel for the first time since March 2, Reuters said.Micron Technology shares rose 18% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and issued fiscal Q4 guidance above market expectations.The May core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, gained 0.3%, matching the increase in the prior month and in line with expectations in a survey compiled by Bloomberg. Durable goods new orders fell 4.5% in May after an 8.5% gain in the prior month, compared with expectations for a 5% decrease.Initial jobless claims dropped to 215,000 in the week ended June 20 from 227,000 in the previous week, compared with expectations for a smaller decrease to 225,000. Q1 GDP growth was revised up to a 2.1% annual rate from 1.6% previously, compared with expectations for no change.Federal Reserve New York President John Williams and Chicago President Austan Goolsbee are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 4.6% higher, Hong Kong's Hang Seng ended 1.4% lower, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.9%, and Germany's DAX index was 1% higher in Europe's early afternoon session.In equities, joining Micron in the technology sector rally are semiconductor firms Broadcom (AVGO), AMD (AMD), and Intel (INTC), which were up 1.9%, 1%, and 1.4%, respectively.On the losing side, Alphabet's (GOOG, GOOGL) Google shares fell 1.8% after Bloomberg reported that the company is poised to lose two leading AI researchers to Anthropic. Alibaba (BABA) stock was down 2.6% after Bloomberg reported that Anthropic has alleged that Alibaba attempted to "illicitly" access its Claude artificial intelligence model through thousands of fraudulent accounts. Trip.com (TCOM) shares were down more than 12% after the company posted lower Q1 non-GAAP earnings.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$BABA$GOOG$GOOGL$INTC$MU$TCOM
Sectors

Sector Update: Tech

Technology stocks were higher pre-bell Thursday, with the State Street Technology Select Sector SPDR ETF (XLK) gaining by 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) up 4.4%.Micron Technology (MU) shares were up over 18% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter came above market expectations.

$MU$XLK$XSD
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Investors Embrace AI Growth Themes, Reduced Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Thursday's premarket activity, as investors welcomed signs of stability in the Middle East, while technology shares rallied on expectations for continued AI spending.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 2.1% before the start of regular trading.Reports releasing at 8:30 am ET include the personal income and outlays report for May, the third and final estimate report of Q1 gross domestic product, the weekly jobless claims bulletin, the durable goods orders report, and the Chicago Fed national activity index, both for last month.The Kansas City Fed manufacturing index for June posts at 11 am ET.New York Fed President John Williams and Chicago Fed President Austan Goolsbee are slated to speak on Thursday.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was flat, and the iShares Biotechnology ETF (IBB) was up 0.1%.Bio-Techne (TECH) stock rose more than 19% premarket after the company signed a definitive agreement to be acquired by Germany's Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.8%, and the iShares US Technology ETF (IYW) was 3.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 4.4%, while the iShares Semiconductor ETF (SOXX) rose by 5.1%.Micron Technology (MU) shares were up over 17% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was marginally lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 11% pre-bell after the company reported lower Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 1.7% and the iShares US Industrials ETF (IYJ) was flat.MDA Space (MDA) stock was up 2.7% before the opening bell after the company said it would provide digital payload, antennas, and subsystems for Japan's defense communications satellite program under contracts from Mitsubishi Electric.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) fell 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Barclays (BCS) shares traded up 2% in early hours activity after the company said that the projected capital ratios for its US business remained above the regulatory minimum levels across all nine quarters of the Federal Reserve's stress test.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.7% to $69.84 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.3% higher.Gold futures for July were down by 0.2% to $4,000.90 an ounce on the Comex. Silver futures retreated by 1.3% to $57.74 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 0.1% higher.

Dow JonesNasdaq CompositeS&P 500$BCS$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MDA$MU$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$TECH$TTE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Japan

Continued Oil Price Decline, Micron Earnings Beat Drive US Equity Futures Higher Pre-Bell

US equity futures were higher pre-bell Thursday as oil prices fell to their lowest since the start of the US-Iran war and memory chip manufacturer Micron Technology (MU) posted strong fiscal Q3 financial results and issued upbeat guidance.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.7%, and Nasdaq futures were 2.1% higher.Oil prices dropped to their lowest level since Feb. 28 as more oil tankers have started exiting the Strait of Hormuz. Around 20 million barrels of crude and 72 vessels have successfully passed through the waterway in the last 24 hours, Reuters cited US Energy Secretary Chris Wright as saying.Micron Technology shares rose 16% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, along with fiscal Q4 guidance that came in above market expectations.Front-month global benchmark North Sea Brent crude was down 0.6% at $73.43 per barrel and US West Texas Intermediate crude was 0.7% lower at $69.83 per barrel.The May core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.3%, up from the prior month's gain of 0.2%, according to estimates compiled by Bloomberg. The May durable goods orders report is expected to show a 5.0% decrease after a gain of 8.0% in the prior month.Initial jobless claims are projected to have declined to 225,000 in the week ended June 20 from 226,000 in the prior week. The preliminary estimate for Q1 GDP is seen coming in at 2.0%, unchanged from the prior value. No change is expected for Q1 GDP, which is seen holding at a 1.6% annual rate.Federal Reserve New York President John Williams and Chicago President Austan Goolsbee are slated to speak on Thursday.

Dow JonesNasdaq CompositeS&P 500$MU
Stocks Rise Pre-Bell as Traders Assess Micron Results, Await Key Inflation Data
US Markets

Stocks Rise Pre-Bell as Traders Assess Micron Results, Await Key Inflation Data

US equity markets were pointing higher before the opening bell Thursday as traders parse Micron Technology's (MU) latest financial results and await key inflation and economic data.The S&P 500 rose 0.8%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq increased 2.2% in premarket activity. The S&P 500 and Nasdaq closed Wednesday trading down for the third consecutive session, while the Dow finished in the green.Shares of Micron jumped 16% pre-bell as the semiconductor manufacturer issued an upbeat fiscal fourth-quarter outlook and reported stronger-than-expected results for the prior three-month period.Micron's "stellar" earnings report eased tech investors' concerns about the artificial intelligence and memory trade, Wedbush Securities said in a Wednesday client note."The tech sector and chip trade still has a lot of room to go higher over the coming months as the stellar demand trends from our recent Asia checks gives us further confidence to own tech stocks into the second half of 2026 with a stronger growth trajectory ahead," according to the brokerage.Qualcomm's (QCOM) stock rose 12% after the company agreed to acquire software infrastructure firm Modular in a roughly $3.92 billion deal. Nvidia (NVDA) gained 1.4%, while Intel (INTC) advanced 5.4%.Bio-Techne (TECH) spiked 22% as the firm agreed to be acquired by Germany's Merck KGaA in a deal worth $11.3 billion.The personal income and outlays report for May is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Treasury yields rose in premarket action, with the two-year rate advancing 1.3 basis points to 4.15% and the 10-year rate adding 0.8 basis points to 4.41%.Thursday's economic calendar also has the third and final estimate report of the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin, the durable goods orders report and the Chicago Fed national activity index, both for last month. The Kansas City Fed manufacturing index for June posts at 11 am.New York Fed President John Williams is slated to speak at 3:40 pm, while Chicago Fed President Austan Goolsbee speaks at 6:30 pm.West Texas Intermediate crude oil declined 1.1% to $69.54 a barrel before the open, while Brent decreased 1.4% to $72.72.Iran's Islamic Revolutionary Guard Corps reportedly said Wednesday it would be "unacceptable and dangerous" for ships to transit new routes through the Strait of Hormuz without coordination with Tehran, CNBC reported, citing local state media.In an emailed report on Wednesday, Stifel said 39 ships moved through the crucial waterway on Monday, still well below the usual average of over 100, but a strong improvement after more than three months of a complete halt in traffic.Darden Restaurants (DRI), TD Synnex (SNX), McCormick (MKC), Acuity (AYI), Commercial Metals (CMC) and BlackBerry (BB) report their latest financial results before the bell, among others.Gold slipped 0.2% to $4,002 per troy ounce, while bitcoin gained 3% to $61,489.

Dow JonesNasdaq CompositeS&P 500$AYI$BB$CMC$DRI$INTC$MKC$MU$NVDA$QCOM$SNX$TECH
International

Tech Revives Wall Street Pre-Bell; Asia Rallies, Europe Up

Wall Street futures pointed solidly higher pre-bell Thursday after memory-chip maker Micron Technology (MU) late Wednesday posted strong fiscal Q3 results and upbeat guidance, thus igniting a rally in peer issues.Micron Technology shares rose 18.6% pre-bell, while shares in the VanEck Semiconductor ETF (SMH) rose 4.5%.In the futures, the S&P 500 rose 0.7%, the Nasdaq inclined 2.2% and the Dow Jones was up 0.2%.West Texas Intermediate crude oil futures traded down 1% to $69.63 a barrel, dipping below $70 for the first time since late February. Gold declined to under $4,000 an ounce, for the first time since November of last year.Investors are awaiting the personal consumption expenditures-core (PCE-core) price index for May, the Federal Reserve's preferred inflation gauge, slated for release in Washington at 8:30 am ET.Asian exchanges rallied overnight, led by a 5.4% rise on Seoul's KOSPI index, and a 4.6% gain on Tokyo's Nikkei 225, with the broader indices pulled up by tech shares.European bourses tracked moderately north midday on the continent.On the economic calendar, in addition to the PCE-core release, is the weekly jobless claims report, along with the durable goods orders bulletin for May, both at 8:30 am ET.Also posting at 8:30 am is the final Q1 GDP report, the personal income and outlays release for May, the Chicago Fed National Activity Index for May,the revised Q1 corporate profits report, and the retail and wholesale inventories reports for May.The weekly EIA natural gas bulletin logs at 10:30 am, followed by the Kansas City Fed Manufacturing Index for June at 11 am.Federal Reserve New York president John Williams and Chicago presidentAustan Goolsbee are slated to speak on Thursday.In pre-market action, bitcoin traded at $61,476, and 10-year US Treasuries offered 4.41%. Spot gold commanded $3,989 an ounce.

Dow JonesNasdaq CompositeS&P 500$MU
International

Tech Revives, Oil Dives on Asian Stock Markets

Asian stock markets largely joined the global tech rally Thursday, which was re-ignited late Wednesday after US memory-device maker Micron Technology (MU) reported strong quarterly results and issued upbeat guidance.Shanghai and Tokyo finished in the green, as did most other regional exchanges. Seoul's KOSPI index rose 5.4% in the day, driven higher by share prices of semiconductor giants Samsung Electronics and SK Hynix.Brent crude futures traded down 1.3% to $72.88 a barrel, the lowest since late February.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 4.6% as traders renewed their appetite for AI- and semiconductor issues.The benchmark Nikkei 225 rose 3,191.37 to 72,366.34, a fresh all-time apex on the index, as gaining issues outnumbered losers 148 to 76.Leading the upside was semiconductor-testing equipment maker Advantest, up 15.1%, while electronics-house Sharp declined 9.7%.In economic news, Japan's leading economic index logged at 116.1 in April, up from 115.4 in March, and striking the highest level since July 2021.In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 1.4% as traders warily eyed e-commerce platforms such as Alibaba (BABA), Tencent and Meituan, in light of soft mainland China consumer spending.The broad gauge Hang Seng fell 335.27 to 23,076.91, as losing issues outnumbered gainers 60 to 33. The Hang Seng TECH Index lost 1.6% on the day, while the Mainland Properties Index fell 1.4%.Leading the upside was toolmaker Techtronic, gaining 5.9%, while smartphone-components maker Sunny Optical Technology declined 11.7%.On the mainland, the Shanghai Composite rose 0.2% to 4,120.28.On the other regional exchanges, the Taiwan TWSE inclined 0.5%; the Australian ASX 200 declined 0.7%; the Singapore Straits Times Index rose 0.1%, and the Thai Set inclined 0.7%. In late trading in Mumbai, the Sensex was up 0.1%.The MSCI All Country Asia Pacific Index rose 1.4% on the day.

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Micron Issues Upbeat Outlook Following Fiscal Third-Quarter Beat
US Markets

Micron Issues Upbeat Outlook Following Fiscal Third-Quarter Beat

Micron Technology (MU) shares jumped early Thursday as 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 company anticipates adjusted earnings of $31 a share, plus or minus $1, for the ongoing quarter, it said late Wednesday. Revenue is pegged at $50 billion, plus or minus $1 billion. The current consensus on FactSet is for non-GAAP EPS of $28.47 and sales of $47.56 billion.The stock rose 16% in the most recent premarket activity.Micron expects supply and demand conditions for dynamic random-access memory, or DRAM, and NAND flash memory demand to "remain tight" beyond next year, Chief Executive Sanjay Mehrotra said in prepared remarks. The company projects DRAM bit shipments to grow in the low- to mid-20% range for 2026, and NAND bit shipments to rise by about 20%, according to Mehrotra."Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand," Mehrotra said. "We expect Micron DRAM supply to grow approximately in line with the industry supply growth, while Micron NAND supply grows somewhat less than the industry supply growth in calendar 2026."The chipmaker forecasts capital expenditures of around $10 billion in the fourth quarter, taking its full-year capital spending to roughly $27 billion, according to Chief Financial Officer Mark Murphy. For fiscal 2027, it expects quarterly capital expenditures to be above levels in the ongoing quarter, with more than half of the year-over-year increase to come from construction spending, as "we pull in cleanroom capacity required to address long-term demand," Murphy said.For the third quarter ended May 28, Micron reported adjusted EPS of $25.11, up from $1.91 the year before, and topping the Street's view for $20.86. Revenue soared to $41.46 billion from $9.3 billion, surpassing the average analyst estimate of $35.91 billion.Revenue from the cloud memory business unit amounted to $13.77 billion, up from $3.39 billion in the prior-year quarter. The core data center and mobile and client segments logged revenue of $11.52 billion each, up from $1.53 billion and $3.26 billion, respectively. The automotive and embedded division sales inclined to $4.63 billion from $1.13 billion.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 3rd 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."The brokerage has an outperform rating on Micron's stock with a price target of $1,300.

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