Micron (MU)
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| 17.05% |
| Micron Technology is gapping higher after having, reported strong fourth-quarter results, with revenue of $7.75 billion, surpassing estimates of $7.635 billion. Adjusted earnings were $1.18 per share, beating the expected $1.13 per share. Operating cash flow increased significantly to $3.41 billion, compared to $2.48 billion in the prior quarter, and the company ended the quarter with $9.16 billion in cash and investments. CEO Sanjay Mehrotra highlighted 93% year-over-year revenue growth, driven by high demand for AI and data center products. Micron forecasts record revenue and improved profitability for fiscal 2025, with first-quarter revenue expected to be around $8.7 billion.. |
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Semiconductors
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| 3.29% |
| Up as a group after Micron’s better than expected earnings and outlook on Data Center and AI demand. Overnight shares of Nvidia supplier SK Hynix surged over 9% after the commencement of mass productino of their high bandwidth memory chips. Nvidia also gained after being feature during yesterdays Meta Connect event. |
| NVDA, AMD, INTC, ASML, AMAT, ARM, LRCX |
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Chinese Stocks (KWEB)
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| +8.47% |
| Gapping higher again as a group after Mainland Chinese property stocks surged 15%, driven by optimism following a politburo meeting where China pledged “necessary fiscal spending” to achieve its 5% economic growth target. This raised expectations for additional stimulus beyond recent rate cuts and macroprudential measures. Analysts now see China’s efforts as a comprehensive package, with fiscal stimulus filling the gaps previously noted by economists. Reuters also reported plans for special sovereign bonds worth 2 trillion yuan ($284 billion) to stimulate consumption. |
| BABA, PDD, JD, XPEV, NIO, LI |
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Meta Platforms (META)
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| 2.00% |
| Shares are higher after they introduced a new AI-powered translation tool for Instagram and Facebook Reels that automatically dubs videos into different languages with lip synchronization. Unveiled by Mark Zuckerberg at the Meta Connect event, the tool not only translates content but also mimics the speaker’s voice in another language. While no rollout date was provided, the feature will initially be available for select creators’ videos in English and Spanish in the U.S. and Latin America, with plans to expand to more languages in the future. |
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OpenAI/Microsoft (MSFT)
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| 0.63% |
| OpenAI faces leadership changes and restructuring as it continues to grow rapidly. The company’s board is considering turning it into a for-profit business while maintaining a separate non-profit segment. Several key executives, including the CTO, Mira Murati, and research leaders, have recently announced their departures. Despite these challenges, OpenAI remains a highly valued AI company with strong financial backing from major tech firms. Investors will be watching closely to see how the company navigates these changes and maintains its momentum in the competitive AI landscape. |
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Southwest Airlines (LUV)
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| 3.21% |
| Southwest Airlines is taking steps to improve its financial performance and address investor concerns. The company has raised its third-quarter revenue forecast by up to 3%, announced $2.5 billion in share buybacks, and added former Spirit Airlines CEO Bob Fornaro to its board. Additionally, Southwest has unveiled significant changes to its business model, including assigned and extra-legroom seats, to generate more revenue. These actions come in response to pressure from Elliott Investment Management, which has called for leadership changes at the airline. Overall, Southwest is actively working to enhance its profitability and position itself for future growth. |
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Carmax (KMX)
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| -7.37% |
| CarMax’s stock price fell after reporting mixed Q2 earnings. While the company exceeded sales expectations, its auto finance income declined due to higher loan loss provisions. Despite this, CarMax’s CEO expressed optimism about the company’s progress in differentiating its customer experience and improving vehicle valuations. Investors may be concerned about the impact of rising interest rates on auto loan demand and the potential for further challenges in the used-vehicle market. |
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Pasithea Therapeutics Corp (KTTA)
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| 65.15% |
| The low float (806K,) Pasithea Therapeutics announced safety, tolerability, pharmacokinetic (PK), and preliminary efficacy results from the first two patient cohorts (n=6) in its Phase 1 trial of PAS-004, a macrocyclic MEK inhibitor. The trial, conducted at four U.S. sites, is designed to evaluate the safety, PK, pharmacodynamics (PD), and early efficacy of PAS-004 in patients with advanced solid tumors driven by MAPK pathway mutations. These include RAS, NF1, or RAF mutations, or patients who have failed prior BRAF/MEK inhibitors.. |
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