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Though it once more topped estimates, a light EPS outlook and mixed demand commentary is weighing on Micron’s (MU) stock post-earnings.
On Tuesday afternoon, the memory giant reported August quarter (fiscal fourth quarter) revenue of $6.06 billion (up 24% annually) and non-GAAP EPS of $1.23. Those numbers respectively beat FactSet consensus estimates of $5.89 billion and $0.98, thus continuing a recent string of sales and EPS beats.
On the flip side, Micron guided for November quarter revenue of $5 billion to $5.4 billion (down 3% to up 5% annually) and non-GAAP EPS of $0.40 to $0.54. Those numbers respectively compare with consensus estimates of $5.27 billion and $0.66.
As of the time of this article, Micron’s stock is down 3.5% in after-hours trading to $48.92. Shares were initially trading following the release of Micron’s report, but sold off after Micron shared its earnings presentation and prepared remarks.
Here are some
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* Lira tumbles as Armenian-Azeri conflict grows
* Azerbaijan, Armenia sovereign dollar bonds tumble
* EM stocks track best day in two weeks
Sept 28 (Reuters) – The Turkish lira hit a record low on Monday on growing concerns around clashes between Armenian and Azeri forces, while emerging market stocks tracked gains in Asia as data showed a jump in Chinese industrial profits.
The lira tumbled 1.5% to a low of 7.79 against the dollar, while the Russian rouble eased for the fourth straight session. Azerbaijan and Armenia sovereign dollar-denominated bonds fell as much as 3-4 cents.
“Fears are that Turkey gets dragged into another regional conflict,” said Timothy Ash, EM sovereign strategist at BlueBay Asset Management, referring to the fighting over Nagorno-Karabakh, an enclave in Azerbaijan controlled by ethnic Armenians.
The lira, already among the worst performing European currencies this year, received a brief respite last week following a
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By Sam Nussey
© Reuters/KIM KYUNG-HOON
Sony Corp’s logo is seen at its news conference in Tokyo
TOKYO (Reuters) – Sony Corp’s shares slid as much as 2% in Tokyo trade on Wednesday after Microsoft Corp said it would buy the parent of games publisher Bethesda Softworks, in a deal to bolster its games slate as it eyes cloud gaming expansion.
Sony’s PlayStation 5 is expected by analysts to outsell Microsoft’s next-generation Xbox consoles when the devices launch in November, bolstered by Sony’s stronger games pipeline including exclusives like “Marvel’s Spider-Man: Miles Morales.”
Microsoft’s $7.5 billion acquisition of the publisher behind hit franchises like “Doom” and “Fallout” helps close that gap, as it pushes into cloud gaming with the launch of a subscription service last week for Android devices.
The Xbox Game Pass is central to Microsoft’s counterattack, with the rival PlayStation Now service from Sony – which has a
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General Electric (GE) – Get Report shares traded lower Monday after the industrial group said it would exit the new build coal power market.
GE said it would continue to focus on and invest in its core renewable energy and power generation businesses, but added that getting out of the new build coal market would likely include site closings, job cuts and other “appropriate considerations for publicly held subsidiaries.”
“With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory,” said Ge’s senior vice president and CEO of GE Power Russell Stokes. “As we pursue this exit from the new build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise.”
GE shares were marked 4.8% lower in
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Stocks tumbled on Friday, closing out a rocky week on a down note as big tech stocks extended a weeklong sell-off — dragging all of Wall Street lower in spite of encouraging developments in the economy.
In recent sessions, high profile names like Amazon (AMZN), Facebook (FB) and Apple (AAPL) have slumped sharply after hitting record highs. The sector’s rout led the Nasdaq to its worst levels since July 31, and Friday saw the bellwether shed nearly 2% intraday. Meanwhile, the S&P logged losses that pushed it to a six week low. All three of the major market indexes have fallen for three weeks straight.
Apple, which wowed the market with its bundle of new service-oriented products this week, suffered its third consecutive week of declines — the first time that’s happened since May 2019, and is now down over 20% from its all time high.