technology
Micron Beats Estimates and Raises Outlook
Micron Technology reported third-quarter results after the bell on June 24 that exceeded analyst forecasts on revenue and earnings. The company also raised its fourth-quarter revenue guidance and announced a $0.15 per share dividend. Shares rose more than 6 percent while other chip stocks declined.
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Micron Technology beat analyst estimates for both revenue and earnings in its third quarter and exceeded forecasts for fourth-quarter revenue. The company declared a quarterly dividend of $0.15 per share. Micron shares rose more than 6 percent after the release.
The stock had fallen earlier in the week ahead of the report. Broader semiconductor stocks declined on the day. The Philadelphia Semiconductor Index fell more than 1 percent. Nvidia shares dropped 1 percent and Qualcomm shares fell 4 percent.
Nvidia held its annual shareholders meeting beginning at noon Eastern time. Qualcomm hosted an investor day on the same date. Separately, S&P Dow Jones Indices said Alphabet will replace Verizon in the Dow Jones Industrial Average.
Alphabet shares fell slightly after the announcement.
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