Chip stocks are on the rise Wednesday as the market reacts to the latest earnings report from Micron Technology (NASDAQ:MU).
While Micron failed to meet expectations in the current quarter, the chip company’s outlook for the fiscal third quarter of 2023 has investors hopeful that a recent slump in the market is about to end.
That outlook includes adjusted earnings per share of -$1.58, plus or minus 7 cents. Micron also has revenue guidance of $3.7 billion, plus or minus $200 million. While earnings are still lagging behind Wall Street’s estimate of -90 cents per share, the revenue guidance matches what analysts are expecting.
To go along with this, Micron CEO Sanjay Mehrotra said the following in the earnings report:
“Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance. We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness.”
Let’s check out how this has chip stocks performing today below!
Chip Stocks Up On Wednesday
- Starting with MU stock, the company’s shares are up 5.6% as of Wednesday morning.
- Nvidia (NASDAQ:NVDA) shares are next on our list with the stock climbing 1.4% this morning.
- Intel (NASDAQ:INTC) stock joins today’s rally with its shares gaining 3.9% as of this writing.
- Advanced Micro Devices (NASDAQ:AMD) shares are closing out our list with a nearly 1% jump on Wednesday.
Investors will want to stick around for even more of the latest stock market news!
Luckily, we’ve got all of that ready to go with our deep dives into the market today. A few examples include why shares of Macy’s (NYSE:M), AMC (NYSE:AMC) and Shift Technologies (NASDAQ:SFT) stock are moving today. You can find out all about these matters at the links below!
More Wednesday Stock Market News
- M Stock Alert: What to Know as Macy’s Announces CEO Succession Plan
- AMC Stock Alert: Why Wedbush Says an Amazon Buyout Isn’t Likely
- Why Is Shift Technologies (SFT) Stock Down 14% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.