Tag Archives: Micron Technology Inc

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Jim Cramer says these 5 Nasdaq losers could rebound in 2023

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CNBC’s Jim Cramer on Friday named four stocks that he believes could mount a comeback this year.

To come up with his picks, he parsed through last year’s worst-performing stocks listed in the Nasdaq 100. 

“Out of the Nasdaq’s biggest losers, I think Qualcomm, Lam Research, Micron, and Airbnb will work this year, although not necessarily the first half,” he said, adding, “and don’t forget Illumina.”

Here are his thoughts on each stock:

Qualcomm

  • Cramer said that while Wall Street expects the semiconductor company to start losing iPhone orders in 2024, it’s possible the company could hold to at least some of those orders due. The company’s push into the auto market should also help the stock, he added.

Lam Research

  • He acknowledged that the near future could be ugly for chipmakers. However, “you can’t afford to wait around too long after this next bad quarter, because Lam’s stock will bottom months before the business does,” he said.

Micron

  • He advised investors to wait several months to buy shares of Micron, but make sure to do so before the chip glut is over. “Once there’s any sign of a bottom, this thing will bounce back like crazy — always has,” he said.

Airbnb

  • Cramer said that the company should continue to make money this year thanks to the current travel boom. Investors interested in the stock should buy it gradually on the way down, he added.

Illumina

  • He said that while the company is “superb,” he’d rather own shares of Danaher than Illumina.

Disclaimer: Cramer’s Charitable Trust owns shares of Qualcomm and Danaher.

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Business

Shaw Communications, Li Auto, Southwest and others

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Check out the companies making headlines before the bell:

Shaw Communications (SJR) – Canada’s Competition Tribunal dismissed an attempt by the country’s competition watchdog to block the $26 billion acquisition of the telecom company by rival Rogers Communications (RCI). Shaw surged 10.1% in the premarket, while Rogers gained 0.4%.

Li Auto (LI) – Li Auto said it expected to deliver more than 20,000 of its electric vehicles this month, higher than the 14,087 the China-based EV maker delivered in December 2021.

Southwest Airlines (LUV) – Southwest said it planned to return to a regular flight schedule Friday and promised to reimburse customers for any reasonable expenses they incurred due to the airline canceling thousands of flights over the past week.

Tesla (TSLA) – Tesla is down 1% in the premarket after posting its first back-to-back gains since November 22 to 23. Tesla has not risen three days in a row since a four-day win streak from October 25 to 28. The stock is still down 65% for 2022.

Audacy (AUD) – Audacy stock rallied 9.7% in the premarket after the small-cap radio station operator said it will auction off the radio.com internet domain with a reported minimum bid of $2.5 million.

Mesa Air Group (MESA) – The regional air carrier reported a bigger-than-expected quarterly loss and revenue that fell short of analyst estimates. Mesa shares fell 3% in premarket trading.

Enovix (ENVX) – The lithium-ion battery manufacturer appointed Raj Talluri as its chief executive officer, effective January 18. Talluri was senior vice president and general manager of Micron Technology‘s (MU) mobile business unit. Enovix jumped 5.1% in premarket action.

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Business

Tesla, AMC, Southwest and others

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Check out the companies making headlines before the bell:

Tesla (TSLA) – Tesla gained 1.6% in the premarket in a volatile session, following a seven-day losing streak and declines in ten of the past eleven sessions. Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform.

AMC Entertainment (AMC) – AMC Entertainment rose 1.2% in premarket trading after CEO Adam Aron asked the movie theater chain’s board to freeze his salary. He also urged other top AMC executives to do the same.

Southwest Airlines (LUV) – Southwest Airlines fell 1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Southwest has canceled thousands of flights over the past week, following a severe winter storm, and is limiting bookings over the next few days.

Nvidia (NVDA), Micron Technology (MU) – These and other semiconductor stocks remain on watch as investors focus on an oversupply of chips. That is in sharp contrast to the global shortage during the pandemic, when demand was surging.

Apple (AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. Apple fell during the past three days and in eight of the past nine trading sessions.

Lyft (LYFT) – The ride-hailing company’s stock remains on watch after closing lower than $10 per share for the first time since going public in 2019. It rebounded by 1.1% in premarket trading.

Generac (GNRC) – The power equipment maker’s stock was rated buy in new coverage at Janney Montgomery Scott with a price target of $160, implying a 76% upside from current levels. Generac is the worst performer in the S&P 500 for 2022 with a 74.1% decline.

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Business

Jim Cramer says the ‘worst of 3 worlds’ helped lead stocks lower on Thursday

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CNBC’s Jim Cramer outlined three reasons that markets lost a short-lived rally on Thursday.

If the economy were running colder, if the stock market was lower, and if interest rates were higher before sliding, things would be different, Cramer said. “Today we didn’t see that, though. We had the worst of three worlds.”

Here are the three factors:

  1. Hot economic data: Initial weekly jobless claims for the week ending Dec. 17 rose by 2,000 to 216,000, according to the Labor Department. That’s less than the Dow Jones consensus estimate of 220,000.
  2. Weak corporate earnings: CarMax shares fell about 3.7% after the company reported weaker-than-expected profit and revenue in its latest quarter. Micron Technology shares slipped 3.4% after the company reported a wider-than-expected quarterly loss and miss on revenue after the close on Wednesday.
  3. Bearish comments about the market: David Tepper, founder of Appaloosa Management, told CNBC on Thursday that he’s leaning short on equities because it’s unusual for global central banks, including the Federal Reserve, the European Central Bank and Bank of England, to tighten at the same time.

Stocks fell on Thursday as Wall Street continues to worry that the Fed’s interest rate hikes could tip the economy into a recession. 

Investors also fear that time is running out for a Santa Claus rally, a phenomenon in which stocks tend to rise near the end of a year into the next year. Cramer reminded investors that charts suggest a market run could be in the works for after Thursday’s trading session.

“While we could still get that seasonal bounce, obviously the market’s gotten tougher to game,” he said.

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Business

Stock futures flat as investors brace for July inflation report  

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Stock futures were little changed early on Wednesday as investors looked ahead to a key inflation report set to be released Wednesday.

Dow Jones Industrial Average futures were flat. S&P 500 and Nasdaq 100 futures were fractionally lower.

The moves come after the S&P 500 and Nasdaq fell for a third straight day on Tuesday. The Nasdaq Composite led the declines, falling 1.19% after Micron, Novavax and Upstart warned that future earnings and revenue may come in lower than previously thought. The S&P 500 fell 0.42%, and the Dow Jones Industrial Average shed 0.18%.

Inflation report looms

Investors are awaiting the latest consumer price index report, which could confirm or dash hopes that rising prices have leveled off. Economists expect the report to show that inflation has cooled slightly, led by slipping oil prices.

“In terms of reactions, the market will initially get more excited by a downside core CPI surprise than an upside surprise, especially as it relates to risk appetite,” Alan Ruskin of Deutsche Bank wrote in a Tuesday note. “A downside surprise plays to ‘hopes’ that an oil/food commodities peak, plus slower demand, will filter quickly into US inflation data.”

The Federal Reserve will weigh the report, along with other key economic data, ahead of its September meeting where it is slated to hike interest rates again.

Earnings season also continues, with Disney’s quarterly results due after the bell Wednesday.

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Business

Novavax, GoodRx, Allbirds and more

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Take a look at some of the biggest movers in the premarket:

Novavax (NVAX) – The drugmaker’s stock plummeted 32.3% in the premarket after posting an unexpected quarterly loss and cutting its full-year revenue guidance in half. Novavax said it did not expect any further U.S. sales of its Covid-19 vaccine this year amid soft demand and a supply glut.

GoodRx (GDRX) – GoodRx soared 39.6% in premarket trading after the provider of prescription drug comparison software reported better-than-expected quarterly results, and also said an issue with a major grocery chain had been resolved.

Allbirds (BIRD) – The sneaker maker’s shares dived 11.8% in the premarket after it cut its full-year forecast, with the company saying external headwinds could pressure consumer spending in the back half of 2022.

Micron Technology (MU) – The chip maker said it expected negative free cash flow for the current quarter, as well as declines in revenue and profit margins. Chip shipments are falling due to weakening demand from PC and video game companies. Micron lost 3.7% in premarket action.

Take-Two Interactive (TTWO) – Take-Two fell 3.4% in the premarket after the video game publisher issued a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming following a pandemic-era boom.

Occidental Petroleum (OXY) – The energy producer’s stock added 2.3% in the premarket following news that Berkshire Hathaway (BRK.B) had increased its stake in Occidental to more than 20%. That means that Berkshire can record part of Occidental’s profits as its own.

Signet Jewelers (SIG) – The jewelry retailer announced a deal to buy online jewelry seller Blue Nile for $360 million in cash. Signet shares added 2% in the premarket.

Upstart (UPST) – Upstart stock tumbled 12.2% in premarket trading after the cloud-based lending platform company missed Wall Street’s estimates on both the top and bottom lines for its latest quarter. It also issued a weaker-than-expected revenue forecast, saying that banking partners have turned more cautious due to the uncertain economy.

CarGurus (CARG), Vroom (VRM) – Both online used car sellers saw their stocks plunge in premarket action after reporting weaker-than-expected quarterly results. CarGurus sank 14.9% while Vroom slid 11.4%.

SoFi (SOFI) – The online financial services company’s stock fell 3.4% in premarket trading after Japan’s SoftBank said it would some or all of its 9% stake in SoFi.

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Business

Kohl’s, Micron, Apple and more

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Check out the companies making headlines before the bell:

Kohl’s (KSS) – Kohl’s tumbled 17.9% in premarket trading after the retailer confirmed an earlier CNBC report that it ended talks to be bought by Vitamin Shoppe parent Franchise Group (FRG). Kohl’s said the deteriorating retail and financial environment presented significant obstacles to concluding a deal. It also cut its current-quarter outlook amid more cautious consumer spending.

Micron Technology (MU) – Micron slid 4.6% in the premarket despite reporting a better-than-expected quarterly profit. The chip maker’s shares came under pressure due to a lower-than-expected sales outlook, stemming from weakening overall demand.

Apple (AAPL) – J.P. Morgan Securities analyst Samik Chatterjee reiterated an “overweight” rating on Apple, saying he is not as worried about Apple’s prospects as others. The firm has a December price target of $200 per share, $46 higher than its Thursday close.

China-based electric vehicle makers – Li Auto (LI) delivered 13,024 vehicles in June, a 69% year-over-year increase for the China-based electric vehicle maker. Rival Xpeng (XPEV) delivered 15,295 vehicles in June, a 133% jump from a year earlier. Nio (NIO) delivered 12,961 vehicles in June, up 60% from a year ago. Li Auto added 1.7% in premarket action, Xpeng rose 2.1%, and Nio gained 1.8%.

Meta Platforms (META) – The Facebook parent is slashing hiring plans and bracing for an economic downturn. In an employee question-and-answer session heard by Reuters, CEO Mark Zuckerberg said it might be “one of the worst downturns we’ve seen in recent history”.

Caesars Entertainment (CZR), MGM Resorts (MGM) – The resort operators reached tentative contract agreements with Atlantic City casino workers, avoiding what might have been a costly strike during the busy July 4th holiday weekend.

FedEx (FDX) – FedEx lost 2.1% in the premarket after Berenberg downgraded the stock to “hold” from “buy”, pointing to near-term earnings risks which could halt a recent rally in the stock.

Coupang (CPNG) – The South Korean e-commerce company saw its stock rise 1.7% in the premarket after Credit Suisse upgraded it to “outperform” from “neutral”. The firm feels Coupang’s bottom-line turnaround prospects are underappreciated by investors.

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Business

Micron warns weakening consumer demand will hurt smartphone sales

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Sanjay Mehrota, Micron Technology President & CEO at the WEF in Davos, Switzerland on May 24th, 2022.

Adam Galica | CNBC

Micron Technology, a major vendor of memory chips for PCs and smartphones, said on Thursday that it expects smartphone sales to be meaningfully lower than previously expected for the rest of 2022, citing a reduction in consumer demand.

Micron CEO Sanjay Mehrotra said on an earnings call with analysts that he expected smartphone unit volume to decline by around 5% versus last year. Analysts were expecting growth around 5%, Micron said. The company also warned that it believed that PC sales could decline 10% versus last year and that it was making changes to its production growth to match weaker demand.

He added that some PC and smartphone customers were “adjusting their inventories” in the second half of the year.

“If you were to translate it into units, it amounts to like 130 million units reduction versus expectation earlier in the year for smartphone,” Mehtotra said. “Similarly, for PC, let’s say 30 million kind of reduction in terms of total units versus the projections earlier in the year.”

Micron’s warning is the latest sign that the market for new computers and phones is starting to slump after two years where the pandemic supercharged growth as people worked and went to school from home.

Micron supplies memory to smartphone makers including Apple, Motorola, and Asus, so it has a view into broader sales trends.

“Near the end of [the quarter] we saw a significant reduction in industry bit demand, primarily attributable to end demand weakness in consumer markets, including PC and smartphone,” Mehrotra said. “These consumer markets have been impacted by the weakness in consumer spending in China, the Russia-Ukraine war, and rising inflation around the world.”

The forecast from the chipmaker is in line with some third-party industry estimates. Earlier this week, Gartner predicted that global mobile phone sales would fall 71% in 2022, revising its earlier estimate of 2.2% growth.

Micron shares fell more than 2% in extended trading on the company’s report for its fiscal third quarter 2022, which ended June 2. Sales rose 16% annually to $8.64 billion, and the company’s earnings per share of $2.59 beat analyst expectations.

However, the company reduced its revenue guidance for the current quarter to $7.2 billion versus consensus expectations of $9 billion.

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Business

Cramer names 7 beaten-down semiconductor stocks that look ‘enticing’

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CNBC’s Jim Cramer on Wednesday offered investors a list of seven semiconductor chip stocks he believes could be attractive buys.

“I think there’s a sense that the chipmakers will get hurt as we head into a [Federal Reserve]-mandated recession,” the “Mad Money” host said, referring to the Fed’s upcoming interest rate hikes. “At these levels, I think a bunch of them have started to look pretty enticing,” he added.

Here are his picks for the best semiconductor stocks that have reasonable valuations and earnings growth:

  1. Micron
  2. Western Digital
  3. Advanced Micro Devices
  4. Skyworks Solutions
  5. KLA
  6. Lam Research
  7. Applied Materials

“Growth at a reasonable price abounds in this beaten-down market, and that includes the more controversial semiconductor space. Just be aware that these chip stocks might remain at a reasonable price for the foreseeable future because Wall Street has just got no love — until today — for this entire darn group,” he said.

Cramer’s latest list of investable growth stocks comes after he earlier this week highlighted four financial stocks and six travel and leisure stocks buyers should have on their radars. To pick his favorite stocks in each sector, Cramer has used the same list of stocks containing companies from the S&P 500 that meet his criteria for having a reasonable valuation and earnings growth.

Disclosure: Cramer’s Charitable Trust owns shares of AMD.

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Business

Micron, Lululemon, RH and more

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The headquarters building of Micron Technology Inc. stands in Boise, Idaho, U.S.

Matthew Staver | Bloomberg | Getty Images

Check out the companies making headlines in extended trading.

Micron — Shares of the chip maker advanced more than 4% after hours, after the company reported financial results for its most recent quarter. Micron beat Wall Street estimates on both quarterly earnings and revenue. It also gave positive revenue and adjusted earnings guidance for its third quarter.

Lululemon — The athleisure apparel maker’s share jumped about 7% following the company’s quarterly earnings report. Lululemon reported earnings that were about 9 cents higher than analysts estimated, although it reported a revenue miss. It also announced a $1 billion stock buyback program.

RH — The home furnishings retailer saw shares decline by more than 5% following its quarterly results. While RH reported an earnings beat for the most recent quarter, it also reported revenue of $901.5 million, compared to estimates of $931.8 million. The company also announced a 3-for-1 stock split that will take place in the spring.

Chewy — The pet supply company tumbled after hours after reporting a wider than expected quarterly loss of 15 cents per share, versus the estimate of 8 cents, and a revenue miss. It also issued weak revenue guidance for the first quarter and the full year.

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