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Appaloosa ups investments in Micron, Facebook, Apple, adds new bets in Caesars, MGM in 4th quarter
Billionaire hedge-fund investor David Tepper's Appaloosa Management was a buyer of technology, energy and bank shares in the fourth quarter, according to a Wednesday regulatory filing. Between the end of the third and fourth quarter, Appaloosa boosted its stake in Bank of America Corp. , upping his position by 170% to 10.8 million shares. He also increased his stake in Apple Inc. , raising that investment to 3.2 million shares and raising his stake in Micron Technology Inc. to 10.45 million shares, representing his largest holding according to WhaleWisdom.com. The hedge-fund luminary also lifted his position in Facebook Inc. by about 70% to 2.2 million shares, while adding to his holdings in the tech-heavy PowerShares QQQ Trust Series 1 to 4.3 million shares. Meanwhile, Tepper took a long position in the exchange-traded Financial Select Sector SPDR ETF , purchasing $280 million worth, though the fund also sold call options in the ETF worth $35 million. Call options give the holder the right but not the obligation to buy an asset a set price and time. Appaloosa also made bullish bets in the energy-centered Energy Select Sector SPDR ETF for $35 million. The investor was a buyer in gambling assets, with new stakes in Caesars Entertainment Corp. , about 5.86 million shares, and MGM Resorts International , where he picked up 2.3 million shares, from the end of the third quarter. Tepper notably divested his entire stake in Kinder Morgan Inc. , Chesapeake Energy Corp. , Whirlpool Corp. and General Motors , recent filings showed. Large investors are required to reveal their long equity holdings at the end of each quarter in filings with the Securities and Exchange Commission.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Nvidia, AMD stocks fall premarket amid broader move lower for chip stocks
Chip stocks are trading lower premarket, in conjunction with a broader market selloff. Nvidia Corp. shares are down 3.4%, after falling 8.5% Monday to 17% below their all-time intraday high of $249.27. Advanced Micro Devices Inc. shares have made a similar move, dropping 3.3% premarket on top of a 7.1% decline in Monday trading. The stock was down 26% from its 52-week intraday high of $15.65 as of Monday's close. Shares of Intel Corp. are down 1.4% premarket. They dropped 3.5% Monday, while the Philadelphia Semiconductor Index was off 4.7%. Notable outliers in early trading include Micron Technology Inc. and Skyworks Solutions Inc. , whose stocks are up 3.5% and 1.7%, respectively, following announcements from management late Monday. Micron raised its outlook and said it had found a new CFO, while Skyworks reported better than expected earnings. The Philadelphia Semiconductor Index is up 0.2% so far in 2018, while the S&P 500 is down 0.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Micron shares rise on boosted outlook, new CFO
Micron Technology Inc.(MU) rose in the extended session Monday after the chip maker raised its outlook for the quarter and announced a new financial chief. Micron shares advanced 1.9% to $40.15 after hours, following a 3.5% drop during the regular session. For the fiscal second quarter, Micron estimates earnings of $2.70 to $2.75 a share on revenue of between $7.20 billion and $7.35 billion.
BRIEF-Micron Announces Chief Financial Officer Transition
Micron Technology Inc(MU): * MICRON ANNOUNCES CHIEF FINANCIAL OFFICER TRANSITION. * âAPPOINTED DAVID ZINSNER AS SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, EFFECTIVE FEB. 19, 2018â. * âZINSNER SUCCEEDS ERNIE MADDOCK, WHO IS RETIRING FROM MICRON BUT WILL REMAIN WITH COMPANY AS AN ADVISERâ Source text for Eikon: Further company coverage:
BRIEF-Micron Sees Q2 Earnings Per Share $2.70 TO $2.75
Micron Technology Inc(MU): * MICRON UPDATES GUIDANCE FOR FISCAL SECOND QUARTER. * SEES Q2 EARNINGS PER SHARE $2.70 TO $2.75. * SEES Q2 REVENUE $7.2 BILLION TO $7.35 BILLION. * Q2 EARNINGS PER SHARE VIEW $2.57, REVENUE VIEW $7.02 BILLION -- THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
Chip pricing trends could boost AMD, Nvidia and Micron results: analyst
Chip pricing trends remain strong, according to Mizuho analyst Vijay Rakesh, and he thinks that could bode well for Advanced Micro Devices Inc. , Nvidia Corp. , Micron Technology Inc. and Western Digital Corp. in the first half of the year. Sold-state drive (SSD) pricing looks "robust," Rakesh wrote, and "should be a tailwind for Micron and WDC." Meanwhile, regarding graphics processing unit (GPU) pricing, Rakesh thinks the trends continue to suggest "tight inventory and availability." Accordingly, he sees upside potential for Nvidia's and AMD's GPU segments for the December and March quarters. "We believe it is key to understand that pricing reflects more of a stronger GPU demand and tight GPU inventory than a pricing tailwind," he added. Nvidia shares are up 113% over the last 12 months, while AMD's stock is up 28%. The Philadelphia Semiconductor Index has risen 49% in that time, compared with a 24% gain for the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tech shares rally on first trading day of 2018 led by chips, software
Tech shares rallied on the first day of trading in 2018 Tuesday with shares of chipmakers and software publishers leading the charge. The tech-heavy Nasdaq Composite Index rose 1.3%, outpacing the 0.6% gain on the S&P 500 Index and the 0.2% rise in the Dow Jones Industrial Average . The PHLX Semiconductor Index rallied 2.1%, led by a 6.4% jump in shares of Advanced Micro Devices Inc. and a 4.8% surge in Micron Technology Inc. shares. Other chipmakers with notable gains were Nvidia Corp. , up 2.1%, Broadcom Ltd. , up 3.3%, and Teradyne Inc. , up 5.1%. Notable software gains included Electronic Arts Inc. , up 4%, Symantec Corp. , up 2.7%, and Salesforce.com Inc. , up 2.2%. Other big tech movers included Netflix Inc. , up 5%, and Alibaba Group Holding Inc. , up 5.8%, while shares of Facebook Inc. rose 2.7%, and shares of Alphabet Inc. and Apple Inc. were up nearly 2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Nanya Technology disposes stake in Micron Technology for $19.1 mln
Nanya Technology Corp. * Says it disposes 451,000 shares of Micron Technology Inc (MU), at the average price of approximately $42.430093 per share, for approximately $19.1 million in total, for working capital supplement and loan repayment. * Gains from the stake sale is about $11.3 million. Source text in Chinese:https://goo.gl/LCedSq. Further company coverage:
BRIEF-Nanya Technology disposes 779,403 shares of Micron Technology for $34.7 mln
Nanya Technology Corp. * Says it disposes 779,403 shares of Micron Technology Inc (MU), at the price of $34.7 million in total, for working capital supplement and loan repayment. * Says gain on sales of these shares about $21.2 million. Source text in Chinese: https://goo.gl/ftbECS. Further company coverage:
Analysts think Micron, with shares up more than 100% this year, can keep rallying
The company reported blowout results Tuesday and delivered a better-than-expected outlook. Micron Technology Inc. (MU) continues to benefit from favorable pricing for its DRAM chips, which has powered the company's results all year long, and contributed to blow-out results in its latest quarter. Analysts say that dynamic could continue.
BRIEF-Nanya Technology disposes 4.5 mln shares of Micron Technology for $195.2 mln
Nanya Technology Corp. * Says it disposes 4.5 million shares of Micron Technology Inc (MU) at the price of $195.2 million in total, for working capital supplement and loan repayment. Source text in Chinese: https://goo.gl/CqCvgY. Further company coverage:
UPDATE 2-Micron's strong forecast eases concerns over chip boom peaking
Dec 19 (Reuters) - Micron Technology Inc's
better-than-expected current-quarter profit forecast on Tuesday
allayed investor concerns that a boom in chip demand has peaked,
sending the company's shares up 6 percent in after-hours
Micron shares rally after hours following earnings, outlook beat
Shares are up more than 100% for the year as of Tuesday. Micron Technology Inc. (MU) advanced in the extended session Tuesday after the memory-chip maker's results for the November-ending quarter and outlook topped Wall Street estimates. Micron rose 4.6% to $46 after hours.
Micron shares rise after hours following earnings, outlook beat
Shares are up more than 100% for the year on Tuesday. Micron Technology Inc. (MU) advanced in the extended session Tuesday after the memory-chip maker's results for the November-ending quarter and outlook topped Wall Street estimates. Micron rose 3% to $45.27 after hours.
Micron shares surge after earnings beat, strong outlook
Micron Technology Inc. shares rose in the extended session Tuesday after the memory chip maker's results for the November-ending quarter and outlook topped Wall Street estimates. Micron shares surged 3.8% to $45.55 after hours. By Tuesday's close, Micron shares have risen just over 100% for the year. The company reported fiscal first-quarter net income of $2.68 billion, or $2.19 a share, compared with $180 million, or 16 cents a share, in the year-ago period. Adjusted earnings were $2.45 a share. Revenue rose to $6.8 billion from $3.97 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $2.20 a share on revenue of $6.44 billion. For the second quarter, Micron estimates earnings of $2.51 to $2.65 a share on revenue of $6.8 billion to $7.2 billion. Analysts had estimated earnings of $2.04 a share on revenue of $6.24 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Nanya Technology disposes 856,586 shares of Micron Technology for $36.3 mln
Nanya Technology Corp. * Says it disposes 856,586 shares of Micron Technology Inc (MU) at the price of $36.3 million in total, for working capital supplement and bank loan repayment. Source text in Chinese: https://goo.gl/PvRhfS. Further company coverage:
Intel's stock surges back above 50-day MA, paces Dow gainers amid broad chip sector rally
Intel Corp.'s stock surged 3.4% to pace the Dow Jones Industrial Average's gainers, and to bounce back above the widely-watched 50-day moving average line, amid a broad rally in the semiconductor sector. The stock had been hovering just above the 50-day MA line, which chart watchers use as a guide to the short-term trend, for about a week until closing just below on Thursday for the first time since Aug. 29, 2017. The line currently extends to $43.46. Meanwhile, the iShares PHLX Semiconductor ETF jumped 1.8% to $170.20, with all 30 of its equity components trading higher, but remained just below its 50-day MA at $171.25. Among the ETF's other more-active components, shares of Micron Technology Inc. climbed 0.6%, Advanced Micro Devices Inc. rallied 1.6%, Nvidia Corp. surged 2.5% and Applied Materials Inc. ran up 3.0%. All four of those stocks are below their 50-day MAs.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Micron stock rises after analyst calls it a 'favored' name for 2018
Shares of Micron Technology Inc. rose 1% in premarket trading Wednesday after analysts at Susquehanna Financial Group named the company one of their "favored" memory picks for 2018. "Cloud demand is expected to remain a key secular trend in '18 with ripple effects across the entire storage/memory supply chain," wrote the analysts, led by Mehdi Hosseini. "Data growth, and rapid migration of workloads from on-prem environments to public cloud, is not expected to abate, and we favor Micron and Western Digital Corp. as our top component names expected to benefit from cloud demand." Hosseini added that Facebook Inc. has announced plans to nearly double its capital expenditures for next year and Amazon.com continues to bring AWS to new regions. He's also upbeat about memory demand given increased interest in smartphone content. Micron shares have gained 91% so far in 2017, while WDC's stock is up 20%. The Philadelphia Semiconductor Index has risen 36%, and the S&P 500 has gained 19%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Micron stock gains as Susquehanna analysts cheer earnings power
Micron Technology Inc. shares rose 1.6% in Friday morning trade after analysts at Susquehanna raised their price target on the stock to $60 from $54. The analysts, led by Medhi Hosseini, wrote that "Micron's narrative is changing from a company with single-digit earnings power to one that could potentially do double digits ($10+) by the turn of the decade if it were to execute." Hosseini increased his earnings estimates due to better DRAM price trends and the company's debt restructuring. Micron reports November-quarter earnings on Dec. 19 after market close. Micron shares have soared 97% so far in 2017, compared with an 18% gain for the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Technology ETF tumbles as chipmakers weigh
The largest exchange-traded fund to track the technology sector fell on Monday, diverging from the broad market's strong upward bias as semiconductor and large-capitalization internet stocks tumbled on the day. The fund fell 1.3%, compared with the 0.4% rise of the S&P 500 . Chipmakers were among the biggest drags within the sector, with the PHLX Semiconductor index down 2.9%. Every component of the semiconductor index fell on Monday amid valuation concerns and fear that supply of memory chips was catching up with demand. Advanced Micro Devices fell 7.1% while Micron Technology shed 5.8%. Nvidia Corp lost 5.7% on the day. The group has been one of the strongest sectors of the market this year, with the index up about 35% in 2017. Separately, some of tech's biggest 2017 gainers were also lower on the day. Facebook fell 1.9% while Microsoft Corp. was down 2.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Micron's stock tumbles to kick off just 3rd official 'pullback' during 1 1/2-year long bull market
Micron Technology Inc.'s stock tumbled 7.3%, as it headed for a third-straight loss since closing at a 17-year high on Friday, amid some near-term concerns over memory chip pricing. KeyBanc Capital analyst Weston Twigg reiterated his sector weight rating on Micron ahead Thursday's release of November monthly contract data pricing for dynamic random-access memory (DRAM) and NAND memory chips. "Despite good long-term memory trends, we see neutral to negative dynamics in the near- to midterm for NAND, and neutral dynamics for DRAM," Twigg wrote in a note to clients. The stock has shed 10.5% this week, which puts it on track to record just its third pullback since its current bull market began in May 2016. Many on Wall Street view a decline of 10% or more from a significant peak as an official pullback, while declines of at least 20% are bear markets. Micron's other pullbacks were the 15.4% drop from June 26, 2017 to Aug. 10, and the 16.5% decline from June 23, 2016 to July 6, 2016. From the May 13, 2016 bear market bottom of $9.56, the stock had rocketed more than five-fold to Friday's record close of $49.68. Over the past three months, Micron's stock was still up 41%, while the PHLX Semiconductor Index has climbed 17% and the S&P 500 has gained 7.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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