Skip to content
Shares of Micron Technology plunged 3.9% in Tuesday's extended trading session after the memory chip maker issued 1Q guidance that fell short of analysts’ expectations.For 1Q, Micron (MU) expects revenues and adjusted EPS of $5.2 billion (+/- $200 million) and $0.47 (+/- $0.07), respectively. Wall Street analysts had expected sales and earnings of $5.44 billion and $0.73 per share, respectively.For 4Q, the company reported strong results. Adjusted EPS increased nearly 93% to $1.08 year-over-year, beating Street consensus of $0.99. Sales of $6.06 billion during the reported period surpassed analysts’ expectations of $5.89 billion and marked a year-over-year improvement of 24.4%. Micron’s 4Q results mainly benefited from strong memory chip demand.Micron’s CEO Sanjay Mehrotra said that the company “delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM (Dynamic Random-Access Memory) sales in cloud, PC and gaming consoles and an extraordinary increase in QLC (Quad-level cell) NAND shipments.” Mehrotra sees...
NextEra Energy (NEE) made an attempt to buy peer Duke Energy Corp., the Wall Street Journal reported on Tuesday. However, Duke turned down NextEra’s takeover approach. Shares of NextEra Energy were marginally down, while Duke Energy gained 6.8% in the extended trading session amid deal speculations.According to the report, NextEra Energy is “testing the waters for what would be a $60 billion-plus combination of two Southern utilities.” Power producer NextEra is still interested in taking the Duke Energy (DUK) deal forward. Meanwhile, the report also said that there is “no guarantee NextEra will do so and if it does, that a deal would result.”Earlier on Tuesday, NextEra’s unit NextEra Energy Transmission entered into an agreement with Blackstone affiliates to acquire electric transmission firm GridLiance for about $660 million, including debt. Following regulatory approvals, the deal is expected to close in 2021. (See NEE stock analysis on TipRanks).On Sept. 22, J.P. Morgan...
(Bloomberg) -- The record $40 billion deal for wireless carrier NTT Docomo Inc. is sparking discussion of whether an even bigger Japanese buyout could be in the works: SoftBank Group Corp.Founder Masayoshi Son has debated for years whether to take his conglomerate private because of a persistent discount between his stock and the perceived value of his assets, particularly Alibaba Group Holding Ltd. shares. The 63-year-old billionaire revived informal talks this year after his shares tumbled and he sold off assets.The Docomo deal signals Japan has plenty of capital for deals on the kind of scale unthinkable in the past. Nippon Telegraph & Telephone Corp. will borrow the entire purchase price to finance the affiliate’s buyout, even though it had 1.09 trillion ($10.3 billion) in cash and equivalents at the end of March.“A successful buyout of Docomo could spur a similar move by SoftBank. There is plenty of liquidity for both,”...
Spot gold fell 0.5% to $1,889.66 per ounce by 0357 GMT, after hitting a one-week high of $1,899.12 earlier in the session. Spot gold was on track to post it worst monthly fall since Nov. 2016, dropping 4% so far this month. U.S. gold futures were down 0.4% at $1,895.40....
(Bloomberg) -- U.S. equity-index futures and Asian stocks turned lower after an acrimonious American presidential debate that highlighted the risk of a contested vote. The dollar ticked higher and Treasuries were steady.S&P 500 futures were about 0.6% lower after the sparring between President Donald Trump and Democratic hopeful Joe Biden ended. Futures earlier rose as much as 0.7% during the debate, well within the range of swings that have prevailed recently during one of the U.S. stock market’s more volatile stretches.“What we’ve seen from the debate is the reinforcement that if Biden wins, Trump is not going to accept that,” said Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne. “People positioned for an ugly contest afterwards have been validated.”Traders are also recalibrating positions on the final day of this quarter. U.S. shares on Tuesday declined as talks on expanding fiscal stimulus ended for the day with plans to...
(Bloomberg) -- U.S. equity-index futures turned lower as investors gauged whether either protagonist in the first American presidential debate emerged with the upper hand, and as traders recalibrated positions on the final day of this quarter. Crude oil retreated.S&P 500 futures were about 0.5% lower after the sparring between President Donald Trump and Democratic hopeful Joe Biden ended. Futures earlier rose as much as 0.7% during the debate, well within the range of swings that have prevailed recently during one of the U.S. stock market’s more volatile stretches. Treasuries were little changed.“What we’ve seen from the debate is the reinforcement that if Biden wins, Trump is not going to accept that,” said Chris Weston, head of research at Pepperstone Group Ltd. in Melbourne. “People positioned for an ugly contest afterwards have been validated.”U.S. shares on Tuesday declined as talks on expanding fiscal stimulus ended for the day with plans to resume...
(Bloomberg) -- Alibaba Group Holding Ltd. foresees its cloud services arm turning profitable for the first time this year, a milestone for the decade-old business that underscores how Asia’s largest corporation expects a return to pre-pandemic levels as China’s economy rebounds.Alibaba’s shares rose as much as 4% in Hong Kong, their biggest intraday gain in over a month. Its internet computing business is growing roughly 60% at an annual revenue run rate of about $7 billion, Chief Financial Officer Maggie Wu told investors at an annual company conference. The unit should turn profitable in the year ending March, she said.Cainiao, the logistics service Alibaba folded fully into its broader empire in 2017, should generate positive cash-flow on an operating basis over the same period, she added.China’s most valuable corporation has invested billions in hosting computing for corporations over the cloud, while building a nationwide logistics network that can handle the billions...
