Why Are Chip Stocks MU, NVDA, AMD, INTC Up Today? – InvestorPlace
Chip stocks are up alongside an MU rally
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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. The firm posted adjusted EPS of 42 cents and revenue of $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 estimates for -24 cents and $5.35 billion. 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 included 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 estimates 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!
Investors who want more of the most recent stock market stories are in luck!
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On the date of publication, William White did not hold (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.
Technology, Semiconductor
Article printed from InvestorPlace Media, https://investorplace.com/2024/03/why-are-chip-stocks-mu-nvda-amd-intc-up-today/.
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