Daily Market Wrap Up: Micron Technology's Mixed Guidance, Morgan Stanley's Dividend Picks, and ...
On September 27, 2023, the S&P 500 saw a slight increase of 0.02%, while the Dow Jones Industrial Average ended 0.2% lower. The Nasdaq Composite, on the other hand, rose by 0.22%. The 10-year Treasury yield saw an increase of 1.97% to 4.612%.
Micron Technology (NASDAQ:MU) shares fell over 3% after the company reported fourth-quarter results that beat estimates but offered mixed guidance. The company expects first-quarter sales to be between $4.2B and $4.6B, with adjusted gross margins between -2% and -6%. Micron also anticipates capital spending in fiscal 2024 to be slightly above that of fiscal 2023.
Warning! GuruFocus has detected 9 Warning Signs with MU. Click here to check it out.
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Morgan Stanley released its 2023 Dividend Playbook, selecting its top stock picks for high dividend-paying industries. The top three picks were DTE Energy (NYSE:DTE), Exelon Corp. (NASDAQ:EXC), and Nextera Energy Inc. (NYSE:NEE). Other picks included Verizon Communications Inc. (NYSE:VZ), M&T Bank Corp. (NYSE:MTB), and Regions Financial Corp. (NYSE:RF).
Lululemon (NASDAQ:LULU) and Peloton (NASDAQ:PTON) announced a five-year strategic global partnership. Peloton will become the exclusive digital fitness content provider for Lululemon, and Lululemon will become the primary athletic apparel partner to Peloton. The partnership is expected to expand the brand awareness and reach for both companies.
Uber Technologies (NYSE:UBER) announced the appointment of Prashanth Mahendra-Rajah as its new CFO, effective Nov. 13. Mahendra-Rajah joins from Analog Devices (NASDAQ:ADI), where he is currently the CFO.
Soleno Therapeutics (NASDAQ:SLNO) announced it will offer and sell shares of its common stock and/or pre-funded warrants in an underwritten public offering. The company intends to grant the underwriters a 30-day option to buy an additional number of shares of common stock equal to 15% of the aggregate number of shares sold in the public offering.
NextEra Energy Partners (NYSE:NEP) announced it is lowering expectations for limited partner distribution per unit growth to 5%-8% annually through at least 2026, citing higher interest rates and tighter monetary policy.
ASML (NASDAQ:ASML) shares fell around 1% after an analyst predicted the company would likely cut its shipment forecasts for its EUV tools "significantly" next year due to lower demand from Apple (NASDAQ:AAPL) for 3 nanometer chips and other factors.
Nvidia-backed (NASDAQ:NVDA) CoreWeave is finalizing a minority stake sale that's expected to value the cloud service startup at $7 billion. Fidelity Investments has agreed to purchase the largest portion of about $500 million of employee-owned shares that have been tendered.
U.S. crude oil futures surged nearly 4% Wednesday, reaching new highs for the year, after data showed a larger than expected drop in U.S. crude supplies last week.
Palantir USG (NYSE:PLTR) has won a $250 million firm-fixed-price contract to conduct research and development services in the area of artificial intelligence and machine learning.
Opera (NASDAQ:OPRA) announced that it commenced an underwritten secondary public offering of 6.88 million American Depositary Shares from a pre-IPO shareholder.
Senate Majority Leader Chuck Schumer announced that the Senate will vote to keep the government open as funding is set to expire in just four days.
This article first appeared on GuruFocus.
