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Micron Follows Facebook's Lead
Disappointing financial earnings results and upcoming cost cuts sent shares of Micron Technology (Nasdaq: MU) down 1.82% in after-hours trading on Wednesday.
Financials: Micron reported a loss of 4 cents per share and revenue of $4.09 billion; both were below estimates.
Big Drop: Revenue and operating cash flow are down from the previous quarter and year-over-year.
Quote: “Micron’s strong technology, manufacturing and financial position put us on solid footing to navigate the near-term environment, and we are taking decisive actions to cut our supply and expenses.” - Micron Technology President and CEO Sanjay Mehrotra.
Impact: Those actions to cut expenses include a plan for Micron to cut its staff by 10% in the next year. Similar to Facebook parent Meta Platforms (Nasdaq: META), Micron is another tech company going through layoffs.
Outlook: Micron expects to lose 62 cents per share in the current quarter, which is below estimates.
Stock Price: Micron’s stock is down 46% this year, including a 12% drop in the last 30 days.
Final Thoughts: While it’s clear that Micron’s stock is down, it’s not clear when things will get better for the business. It’s a tough time for computer memory companies.
Notable Earnings Today: CarMax (NYSE: KMX), Mission Produce (Nasdaq: AVO), Paychex (Nasdaq: PAYX), Limoneira Company (Nasdaq: LMNR), Apogee Enterprises (Nasdaq: APOG).
Notable IPOs Today: Horizon Space Acquisition I Corp. Unit (Nasdaq: HSPOU), Pacer US Large Cap Cash Cows Growth Leaders ETF (Nasdaq: COWG).
Notable Equity Crowdfunding Campaigns Ending Today: Chow Bella (Honeycomb), Fisher Wallace (StartEngine).
Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET).
Under Armour Welcomes New CEO
Sports equipment company Under Armour (NYSE: UAA) said Wednesday that Stephanie Linnartz will become its new President and CEO on February 27.
Details: Linnartz currently serves as the president of Marriott International (NASDAQ: MAR). Colin Browne, who has served as interim President and CEO since June, returns to the chief operating officer role.
Final Thoughts: Under Armour, which is down 53% this year, finally gets some clarity on its CEO role. Shares of Under Armour ticked down 1.01% in after-hours trading on Wednesday. Getting an external leader to turn the company around is a good thing.
Equity Crowdfunding Spotlight: Skillest
Briefly describe your business. Skillest is the #1 platform for golf lessons. Skillest coaches make more money and have the freedom to teach students globally at any time of day. Golfers love the app because it's a convenient, affordable, and effective way to learn golf.
What are the terms of the investment for your campaign? We are raising through a Y Combinator style SAFE Note with a $15 million post-money valuation and a 10% discount. See Wefunder for details.
What makes your startup special? We have product market fit with coaches. Coaches can make over $100,000 per year and many rely on Skillest as their primary source of income. Skillest provides everything a coach needs to run a business all in one app and coaches love us for that.
Trends to Watch
From DeFi to ReFi: How Regenerative Finance Is Bringing Sustainability to Crypto (CoinDesk)
Big Short: Tesla Bears Are Sitting on $15 Billion in Gains This Year (The Wall Street Journal)
Not Miller Time: MillerKnoll Warns of Lower 3Q Sales (MarketWatch)
Energetic About 2023: Energy Stocks Will Be Hot Again in 2023. But Now It’s About Dividends (Bloomberg)
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