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Micron Technology reported a quarterly loss that was narrower than analysts’ expectations.
Photograph by Tomohiro Ohsumi/Bloomberg
Stock futures were up modestly Thursday as hawkish comments from central bank officials, including Federal Reserve Chairman Jerome Powell, had investors trading cautiously as the end of the second quarter nears.
These stocks were poised to make moves Thursday:
Micron Technology
(MU) reported a fiscal third-quarter loss that was narrower than expected by analysts and the stock was rising 3.8% in premarket trading to $69.59. The memory-chip maker issued a fourth-quarter revenue forecast of about $3.9 billion, plus or minus $200 million, and said it anticipates an adjusted loss of $1.19 a share, plus or minus 7 cents. “We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored,” said
Micron
CEO Sanjay Mehrotra in a statement.
Analyst at Piper Sandler upgraded Micron shares to Neutral from Underweight and raised their price target to $70 from $45.
JPMorgan Chase
(JPM) rose 0.9%,
Bank of America
(BAC) gained 0.9%, and
Wells Fargo
(WFC) was up 1.5% after the Federal Reserve’s annual stress test showed that the U.S. banking system remains strong. All 23 banks that participated in the test this year were able to stay above their minimum capital requirements despite facing a theoretical loss of $541 billion in the test’s hypothetical recession.
BlackBerry
(BB) reported first-quarter adjusted earnings of 6 cents a share, beating analysts’ calls for a loss of 6 cents. Revenue in the quarter rose to $373 million from $168 million a year earlier and topped expectations of $161.1 million. Shares of the security-software developer jumped 16%.
Virgin Galactic
(SPCE) was rising 4.2% in premarket trading ahead of the space-tourism pioneer’s first commercial space flight. The flight, dubbed Galactic 01, can be watched via livestream at 11 a.m. Eastern time.
Overstock.com
(OSTK) jumped 8.5% after completing the acquisition of the
Bed Bath & Beyond
brand and certain intellectual-property assets of the bankrupt retailer for $21.5 million.
Earnings reports are expected Thursday from sports apparel and equipment giant
Nike
(NKE),
Paychex
(PAYX), a provider of payroll and human-resources services, and spice maker
McCormick
(MKC).
Write to Joe Woelfel at joseph.woelfel@barrons.com
