Micron’s Very Strong Execution

And, Blackberry expects sales drop.

Today is Thursday, December 21, 2023.

The Early Bird Index today is 63.60.

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Micron’s Very Strong Execution 

Semiconductor maker Micron Technology (Nasdaq: MU) produced good financial results on Wednesday and the stock price increased by 4.84% in after-hours trading.

Financials: Micron reported a loss of 95 cents per share in the past quarter and revenue of $4.73 billion; both were better than expected. 

Quote: “Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results.” - CEO Sanjay Mehrotra.

Final Thoughts: Micron, up 56% this year, also predicts that revenue will exceed $5 billion in the current quarter because of the rise of AI.

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Notable Earnings Today: Nike (NYSE: NKE), Carnival (NYSE: CCL), Cintas (Nasdaq: CTAS), AAR Corp (NYSE: AIR), CarMax (NYSE: KMX), Paychex (Nasdaq: PAYX), Mission Produce (Nasdaq: AVO), Apogee Enterprises (Nasdaq: APOG), Cemtrex (Nasdaq: CETX), Limoneira (Nasdaq: LMNR).

Notable IPOs Today: VictoryShares Small Cap Free Cash Flow ETF (Nasdaq: SLFO), Texas Capital Texas Small Cap Equity Index ETF (Nasdaq: TXSS).

Notable Equity Crowdfunding Campaigns Ending Today: Frost Brewhouse (Honeycomb), Pitsa (SMBX), Combs’ Coffee (Honeycomb). 

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), GDP (8:30 a.m. ET), Philadelphia Fed Manufacturing Index (8:30 a.m. ET), Philly Fed Employment (8:30 a.m. ET), U.S. Leading Economic Indicators Index (10:00 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Blackberry Expects Sales Drop

Blackberry (NYSE: BB) fell by 4.63% in after-hours trading on Wednesday due to mixed financial results.

Financials: Blackberry reported earnings of 1 cent per share, which was better than expected. But revenue fell below estimates at $175 million.

Final Thoughts: Blackberry anticipates that sales will decline in the current quarter. The stock is up 23% this year.

Worst Stocks and Sectors of 2023

While most stocks performed well in 2023, a few stocks and sectors struggled to gain traction this year and saw massive price declines.

Bad Medicine: The pandemic is over and several of the pharmaceutical stocks that gained during the pandemic came crashing back down in 2023. Johnson & Johnson (NYSE: JNJ) is down 12%, Pfizer (NYSE: PFE) is down 45%, and Moderna (Nasdaq: MRNA) is down 50%.

Lack of Energy: Lower energy prices might be good for consumers, but it’s bad for shareholders in energy companies. Traditional oil companies had a bad year, including Chevron (NYSE: CVX), which dropped 12%. In alternative energy, Enphase Energy (Nasdaq: ENPH) dropped by 46% and Plug Power (Nasdaq: PLUG) plunged by 63%.

Stale Consumer Goods: Investors who expected a recession bet big on consumer staples, and boy were they wrong. Procter & Gamble (NYSE: PG), PepsiCo (Nasdaq: PEP), and Coca-Cola (NYSE: KO) were all in the red this year. 

Don’t Buy: It was a weak year for some retail stores. Dollar General (NYSE; DG) dropped 47% this year. Walgreens Boots Alliance (Nasdaq: WBA) is down 30%.

Meme No More: How many times can we say that the meme stock trade is over? Seriously, it’s not 2021 anymore. AMC Entertainment (NYSE: AMC) plummeted by 77% this year.

Final Thoughts: Just because these stocks had a terrible 2023 doesn’t mean that they are destined for a bad 2024. In the new year, these stocks could potentially turn things around.

Thank you for reading!

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