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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.
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