U.S. markets
U.S. market indexes were in the green on Thursday morning, with stocks hitting another record and the S&P passing the 4,000 level for the first time. The Dow gained 0.52% to 33,153, the S&P 500 Index rose 1.18% to 4,019 and the Nasdaq Composite Index was up 1.76% to 13,480.
Gainers
- Marathon Oil Corp. (MRO, Financial) +10.3%
- NOV Inc. (NOV) +3.6%
- Occidental Petroleum Corp. (OXY, Financial) +2.93%
- Ulta Beauty Inc. (ULTA, Financial) +1.4%
- Cal-Maine Foods Inc. (CALM, Financial) +1.1%
Losers
- Lululemon Athletica (LULU, Financial) -1.8%
- Danimer Scientific Inc. (DNMR, Financial) -0.7%
- Ford Motor Co. (F, Financial) -0.7%
- Dollar General Corp. (DG, Financial) -0.2%
- PepsiCo Inc. (PEP, Financial) -0.1%
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 rose 0.35%, Germany's Dax inched up 0.66%, France's CAC 40 gained 0.59% and Spain's Ibex 35 swelled 0.03%.
In Asia, Japan's Nikkei 225 gained 0.72%, India's BSE Sensex added 1.05%, Hong Kong's Hang Seng advanced 1.97% and China's Shanghai Composite was up 0.71%.
Micron Technology releases earnings report
Shares of Micron Technology Inc. (MU, Financial) gained more than 4% on Thursday morning to change hands at $91.89 after the company posted its fiscal second-quarter results.
Revenue grew 30% year over year to $6.24 billion, beating expectations by $30 million. It posted earnings of 98 cents per share, topping analyst estimates by 3 cents.
Moreover, DRAM revenue reached $4.44 billion, representing 71% of total revenue and rose 44% year over year and 10% quarter on quarter. NAND revenue was $1.65 billion, or 26% of the total top line. It grew 9% on a year-over-year basis and 5% sequentially.
Sales in the computing and networking business unit were $2.64 billion, up 34% from the year-ago quarter and 4% sequentially. In the mobile business unit, revenue reached $1.81 billion, up 44% on a year-over-year basis and 21% sequentially.
The gross profit was $2.05 billion, up 46.9% year over year and 15.1% sequentially, while the non-GAAP gross margin was 32.9%, up 200 basis points from the previous quarter.
Looking toward the third quarter, the company expects revenue of $7.1 billion. It also projects non-GAAP gross margin of 41.5%.
Micron shares have advanced 24% since the beginning of the year versus the S&P 500's gain of 8.6%.
During the fourth quarter, the Parnassus Endeavor Fund (Trades, Portfolio) reduced its stake by 22% to 5 millon shares.
Disclosure: The author holds no positions in any stocks mentioned.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
