Micron's Outlook Falls Short

And, Levi Strauss changes distribution.

June 27, 2024

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Today is Thursday, June 27, 2024.

The Early Bird Index today is 74.91.

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Micron's Outlook Falls Short

Despite posting better-than-expected financial earnings results, Micron Technology (Nasdaq: MU) fell 7.98% in after-hours trading on Wednesday.

Financial Earnings: Micron reported earnings of 62 cents per share in the past quarter and revenue of $6.81 billion; both were better than expected.

Outlook: The company expects revenue to be around $7.6 billion in the current quarter, but investors and analysts wanted a higher outlook.

Stock Price: Micron is up 72.89% this year, but rival Nvidia (Nasdaq: NVDA) is up 162.40%.

Early Bird’s Nest Egg Gains: Both Micron and Nvidia create technology for AI graphics processing units, but there are differences between the companies.

  • Micron’s revenue is up 81% year-over-year while Nvidia’s revenue is up 262%.

  • While Micron benefits from AI with its memory chips, Nvidia's role in the AI ecosystem is more pivotal and varied, involving GPUs, software, and other AI-related technologies.

Final Thoughts: Looking for a good semiconductor stock pick for 2024? Early Bird Prime found a must-buy stock.

Notables

Notable Earnings Today: Nike (NYSE: NKE), Walgreens Boots Alliance (Nasdaq: WBA), McCormick & Company (NYSE: MKC), Accolade (Nasdaq: ACCD), Acuity Brands (NYSE: AYI), Simply Good Foods (Nasdaq: SMPL), Apogee Enterprises (Nasdaq: APOG), Lindsay (NYSE: LNN), American Outdoor Brands (Nasdaq: AOUT), Culp (NYSE: CULP), Pinstripes Holdings (NYSE: PNST).

Notable IPOs Today: Tamboran Resources Corporation (NYSE: TBN), WEBTOON Entertainment Inc. Common stock (Nasdaq: WBTN), Flewber Global Inc. (NYSE American: FLAI), OS Therapies Incorporated (NYSE American: OSTX).

Notable Equity Crowdfunding Campaigns Ending Today: IdBase Technologies (Dealmaker Securities), Scream Truck (Wefunder), Gullo Seafood (Honeycomb), Bob’s Famous BBQ (Honeycomb), Coral Club (Wefunder), Arrive (PicMii).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET), Durable Goods Orders / Core Durable Goods Orders (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), Core PCE Prices (8:30 a.m. ET), Goods Trade Balance (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Atlanta Fed GDPNow (10:30 a.m. ET), Fed Bank Stress Test Results (4:30 p.m. ET).

Levi Strauss Changes Distribution

Levi Strauss & Co (NYSE: LEVI) posted mixed financial earnings results on Wednesday, sending shares down 12.20% in after-hours trading.

Financial Earnings: Levi Strauss reported earnings of 16 cents per share in the past quarter, which was better than expected. Revenue reached $1.44 billion, which was lower than expected.

Powering the Story: The company is moving from an owned and operated distribution network to third-party providers, resulting in extra expenses this year.

Final Thoughts: The return of denim as a fashion trend in 2024 caused Levi Strauss to jump 42%. However, now that the company reports lower revenue, this trend might be over.

BlackBerry Posts Stronger Sales

BlackBerry (NYSE: BB) inched closer to profitability on Wednesday and reported better revenue, causing the stock to jump by 8.14% in after-hours trading.

Final Thoughts: This is good news for Blackberry, especially since the stock was down 35% this year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.