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Micron Technology Inc (NASDAQ: MU) is pushing to the downside in extended hours on Wednesday even though it reported market-beating financial results for its third quarter. Shares of the memory chip maker are still up about 60% for the year. Micron stock sinks on guidanceMicron stock is losing at writing primarily because its management issued only in-line guidance for the future. MU now expects its revenue to print at $7.60 billion in Q4. Analysts, in comparison, were at $7.59 billion. Sanjay Mehrotra – the chief executive of Micron Technology said in a press release today: We are gaining sha...
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US new home sales witnessed a notable decline, contracting by 11.3% in May compared to April, according to the Census Bureau’s latest report on Wednesday. The data revealed that sales were recorded at an annual rate of 619,000 in May. Furthermore, the median house prices experienced a decrease, with homes selling at a median price of $417,400, down from $433,000 the previous month. Given the ongoing concerns of a US recession, as indicated by the CB Consumer Confidence Index.) for the fifth consecutive month, market watchers eagerly awaited the release of the latest figures from the US housing...
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Ocean Power Technologies Inc (NYSE: OPTT) witnessed a remarkable surge of 70% on Wednesday following its announcement of a preliminary deal. The company revealed its success in securing a sole source contract award for multiple WAM-Vs, which are set to be delivered to a department of the US Government. The contract will ultimately be awarded as a Firm-Fixed-Price purchase order through a noncompetitive process. The revenue generated from this contract will be recognized evenly over the duration of the agreement, considering the anticipated delivery date in the near future. Shares of the mariti...
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Alphabet Inc (NASDAQ: GOOGL) has already gained some 40% since its year-to-date low in early March but analysts at Jefferies remain convinced it can push further to the upside in the coming months. Shares of the tech titan currently pay a dividend yield of 0.43%. Why is Jefferies bullish on Google stock?The investment firm reiterated its “buy” rating on Google stock this morning and raised its price target to $215 that indicates potential for a 17% gain from here. Jefferies analysts decided in favour of keeping bullish after their survey that concluded Google is a company that consumers associ...
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HP Inc (NYSE: HP) is in focus this morning after naming Karen Parkhill its new chief of finance. Shares of the tech giant are currently up more than 30% versus their year-to-date low in mid-April. Karen Parkhill will join HP in AugustKaren Parkhill will assume the role of chief financial officer at HP on August 5th, 2024. Tim Brown will return to his role of head of Print Finance at the same time. Brown has been serving the New York listed firm as its interim CFO since late last year. Enrique Lores – the chief executive officer of HP said in a press release today: Karen’s wealth of experience ...
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Whirlpool Corporation (NYSE: WHR) is up 20% today following a report that Robert Bosch may be interested in buying the home appliances company. Shares of the potential acquiree are still down some 15% versus the start of 2024. Why does Bosch want to acquire Whirlpool?Anonymous sources told Reuters this morning that Bosch may soon bid for Whirlpool to expand its footprint in household appliances. The German engineering group is already in talks with advisers to explore the possibility of formally proposing a buyout, they added. Whirlpool Corporation is currently valued at about $4.8 billion. No...
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General Mills Inc (NYSE: GIS) is in the red at writing after reporting weaker-than-expected revenue for its fourth financial quarter. Shares of the processed consumer foods company are now down nearly 10% versus their year-to-date high. General Mills issues downbeat guidanceGeneral Mills stock is taking a hit this morning also because its management failed to impress with the guidance. The multinational now forecasts its adjusted per-share earnings to climb up to 1.0% in fiscal 2025. Analysts, in comparison, were at a 3.0% increase instead. Jeff Harmening – the chief executive of General Mills...
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FedEx Corp (NYSE: FDX) is gaining sharply in extended hours on Tuesday after coming in ahead of Street estimates for its fourth financial quarter. Shares of the package delivery company are now trading at a year-to-date high. FedEx stock rallies on impressive guidanceFedEx stock is in the green in after-hours also because its management issued upbeat guidance for the future. The multinational now forecasts its per-share earnings to fall between $20 and $22. Analysts, in comparison, were at $20.85. Raj Subramaniam – the chief executive of FedEx said in a press release today: Q4 results reflect ...
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Rivian Automotive Inc (NASDAQ: RIVN) has already gained some 40% since its year-to-date low but a Guggenheim analyst is convinced it’s not too late to invest in it yet. Shares of the EV firm are still down about 45% versus the start of 2024. Rivian stock could climb to $18Ronald Jewsikow assumed coverage of the electric vehicles company this morning with a “buy” rating. His $18 price objective suggests more than a 50% upside from here. The analyst is bullish on Rivian stock as he expects the R2/R3 optimism to serve as a catalyst moving forward. His research note reads: We see a credible path t...
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United States consumers are less confident on the current state of the economy, according to the latest Consumer Confidence Index reading, released by The Conference Board (CB) today. According to the CB, the Consumer Confidence Index fell to 100.4 in June, declining from 101.3 in May (revised downwards from an initial reading of 102.00). Confident in the present, anxious about the futureWhile Americans’ sentiment on the economic environment right now improved, they were more pessimistic on what would happen in the future. The CB data showed that its Present Situation Index (based on consumers...
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