Chip stocks are up today as investors react to positive earnings reports from one of the major players in the sector!
Micron (NASDAQ:MU) is behind today’s chip stocks rally following the release of its earnings report for the fiscal second quarter of 2024. It posted adjusted EPS and revenue of 42 cents and $5.82 billion during the quarter.
That’s a major win for investors in MU stock. Both its EPS and revenue beat out Wall Street’s estimates of -24 cents and $5.35 billion for the quarter. Adjusted EPS also made a positive change from the -$1.91 reported in fiscal Q2 2023. Revenue also jumped from the $3.69 billion reported during that period.
Micron also includes a strong fiscal Q3 guidance in that earnings report. It expects adjusted EPS to be 45 cents, plus or minus 7 cents, with revenue of $6.6 billion, plus or minus $200 million. For perspective, Wall Street is estimating adjusted EPS of 20 cents on revenue of $6.03 billion during the quarter.
Let’s check out how Micron’s positive earnings report and outlook is affecting chip stocks below!
Chip Stocks Up Today
- MU stock is up 14.6% alongside its fiscal Q3 earnings report.
- Nvidia (NASDAQ:NVDA) shares are rising 1.2% higher on Thursday morning.
- Advanced Micro Devices (NASDAQ:AMD) stock is climbing 1.7% higher this morning.
- Intel (NASDAQ:INTC) shares are getting a 2.5% boost as of this writing.
Investors who want more of the most recent stock market stories are in luck!
We have all of the hottest stock market news ready to go on Thursday! A few examples include what’s happening with shares of Astera Labs (NASDAQ:ALAB), Paramount Global (NASDAQ:PARA) and Five Below (NASDAQ:FIVE) stock today. You can catch up on all of these topics at the following links!
More Stock Market News for Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
