Federal Reserve Chairwoman Janet Yellen’s public announcement Tuesday helped U.S. stocks rally for a second consecutive day and reach new high points for 2016. The S&P 500 edged up 0.4% at Wednesday’s closing, while the Dow Jones Industrial Average finished the day 0.5% higher.
As we enter Thursday’s action, several stocks are getting ready to move out of the blocks. Today, you’ll want to keep an eye on Chipotle Mexican Grill, Inc. (NYSE:CMG), Micron Technology, Inc (NASDAQ:MU) and Medivation Inc (NASDAQ:MDVN).
Here’s why:
Micron Technology, Inc. (MU)
Micron Technology stock looks likely to slide at Thursday’s open following quarterly earnings that were merely in line with analysts’ projections.
MU lost $97 million, or 9 cents per share, for its fiscal second quarter, to match Wall Street expectations. That came on a revenue drop of 12% year-over-year to $2.93 billion that actually fell below the consensus bar set at $3.05 billion.
A Needham analyst actually downgraded Micron heading into the report, saying that fiscal 2017 forecasts for a 12% boost in sales were “overly optimistic.”
MU stock was off 2% heading into Thursday’s open.
Chipotle Mexican Grill, Inc. (CMG)
The much-troubled burrito chain saw its shares pop slightly as the company filed a trademark for a different type of cuisine.
Chipotle is well-known for its Mexican food items — and recently for its health hazards and discrimination lawsuits — but the restaurant is switching gears by filing a trademark for the term “Better Burger.”
The natural takeaway: Many pundits believe a burger chain is a-comin’.
As CMG looks for a fresh step forward in the food industry, selling burgers may be its answer. A restaurant spokesman said the Chipotle business model could be applied for a variety of cuisines, including burgers.
Chipotle stock was trading 2% higher in Thursday’s premarket trading.
Medivation Inc (MDVN)
Medivation is currently the target of takeover talk, though it’s not actually interested in a takeover right now, thank you very much.
JPMorgan Chase & Co (NYSE:JPM) is reportedly helping the biopharmaceutical company handle interest from larger companies. Several corporations have expressed a desire to acquire Medivation, but it is being kept under wraps exactly who is interested.
Medivation’s main work is in the production of drugs designed to treat cancer. It currently has one approved drug — a prostate cancer treatment called Xtandi — and the company has come under fire over the high price of the medication.
MDVN stock was soaring 13% ahead of Thursady’s bell
