U.S. stocks were mostly lower on Wednesday. The Dow Jones Industrial Average fell 0.04% to 26,536, the S&P 500 Index slid 0.12% to 2,913 and the Nasdaq Composite Index gained 0.32% to 7,909.
Shares of Micron Technology Inc. (MU, Financial) gained more than 13% on Wednesday after the company announced third-quarter 2019 results on Tuesday.
Revenue declined 38.6% from the prior-year quarter to $4.79 billion, but beat analysts’ expectations by $90 million. Earnings of $1.05 per share topped estimates by 26 cents.
The non-GAAP gross profit reached $1.88 billion and the non-GAAP gross margin was 39.3%, declining from 60.9% in the year-ago quarter.
The operating cash flow was $2.71 billion, down from $4.26 billion in the year-ago quarter. Micron reduced its long-term debt to $3.563 billion from $3.604 billion in the prior quarter.
Further, the company repurchased $2.66 billion worth of shares under the buyback program in the first nine months of 2019.
Looking ahead to the fiscal fourth quarter, the company expects revenue between $4.3 billion and $4.7 billion. It also projects earnings in the range of 38 cents to 52 cents per share.
Gainers
- Western Digital Corp. (WDC, Financial)
- Hess Corp. (HES, Financial)
- ConocoPhillips (COP, Financial)
- Valero Energy Corp. (VLO, Financial)
Losers
- Rollins Inc. (ROL, Financial)
- General Mills Inc. (GIS, Financial)
- NRG Energy Inc. (NRG, Financial)
- Atmos Energy Corp. (ATO, Financial)
Global markets
The main European stock markets traded mostly lower. The U.K.'s FTSE 100 declined 0.08%, France's CAC 40 dipped 0.25%, Germany's Dax gained 0.14% and Spain's IBEX 35 fell 0.03%.
In Asia, Japan's Nikkei 225 slipped 0.51%, India’s BSE Sensex rose 0.40%, Hong Kong's Hang Seng advanced 0.13% and China's Shanghai Composite closed 0.19% lower.
Disclosure: The author holds no positions in any stocks mentioned.
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