An optimistic fiscal third-quarter outlook from Micron Technology wasn’t giving much of a boost to fellow US chip makers, such as Intel and Advanced Micro Devices,
in Wednesday’s premarket session.
Micron (ticker: MU) on Tuesday reported fiscal-second quarter earnings and sales that topped Wall Street forecasts, and the memory-chip maker issued a third-quarter outlook that also exceeded estimates, as pricing improved across the company’s product portfolio.
The company said data-center sales in the second quarter rose more than 60% from a year earlier.
Analysts at Piper Sandler, which have a Neutral rating on Micron shares and a price target of $90, said the company appears to be benefiting from strong trends in the data center market, along with improvements in the PC market. Piper Sandler also said Micron is benefiting from increased memory content in areas like automotive and mobile.
Micron shares were up 4.4% in premarket trading to $85.67. Following Tuesday’s close of trading, the stock has fallen 11.9% so far in 2022.
Intel (INTC) declined 0.3%, AMD (AMD) was down 0.2%, and Qualcomm (QCOM) slipped 0.6%. Applied Materials (AMAT) rose 0.3%.
Nvidia (NVDA) was down 1% to $283.60. The stock received a new Wall Street-high price target of $410 from analysts at Tigress Financial Partners on Tuesday.
Write to Joe Woelfel at [email protected]
Credit: www.marketwatch.com /