American chipmaker Micron (MU) will be a major focal point for investors Thursday.
Micron reports fiscal fourth-quarter financial results after the market close. The chip giant is expected to report adjusted earnings of 48 cents per share on $4.56 billion in revenue, according to analysts polled by Bloomberg.
Despite the fact that most semiconductor companies have been caught in the crosshairs of the more than yearlong U.S.-China trade war, Micron and the rest of the industry has managed to outperform the broader market this year.
Tuesday at the United Nations General Assembly, President Donald Trump addressed world leaders and mentioned that he had previously met with Micron CEO to chat about the difficulties chip companies are facing due to the trade war and tariffs.
Micron beat both on the top and bottom lines in its fiscal third quarter, and the stock soared on the results. Management said that if Huawei were to remain on the U.S. entity list through 2020, Micron would see an impact and that it would ultimately impact its revenue. According to the company, Chinese tech giant Huawei represented about 13% of Micron’s total sales for the first six months of fiscal 2019.
The options market is implying a 8% move in either direction for Micron stock following its earnings release.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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