Micron Technology (MU) announced a partnership with Samsung (005930.KS) to use Micron's memory cards in the Galaxy S24 smartphone line, enabling enhanced AI capabilities on devices.
Zoom Video (ZM) stock rose after the company reported better-than-expected fourth-quarter results. Zoom also announced a $1.5 billion share buyback program, pointing to optimism about future growth prospects.
AutoZone (AZO) shares gained ground following strong second-quarter results driven by DIY auto parts sales. Earnings exceeded expectations as consumers spent more on maintaining and repairing older vehicles themselves amid inflationary pressures.
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Editor's note: This article was written by Angel Smith
Video Transcript
BRAD SMITH: Stocks mixed as investors digest the latest retail results pointing to a softening consumer. We're also awaiting a fresh batch of economic data as traders are searching for clues of the potential timing for Fed rate cuts. Let's get to some individual movers that we're tracking here today.
First and foremost, Micron shares climbing higher after announcing a collaboration with Samsung to bring AI experiences to mobile devices. The chip maker's memory cards are going to be used in Samsung's Galaxy S24 series. Now this follows news out Monday that Micron is increasing production for its memory chips used in Nvidia's AI semiconductors.
And Zoom shares are jumping, jumping this morning-- zooming, some might say-- after delivering better-than-expected results in its fourth quarter and announcing a share buyback of up to $1.5 billion, despite the upbeat reception from the Street. And analyst at JPMorgan saying in a note this morning that the results do not convey a materially improving business.
And shares of AutoZone. They are on the move. They're higher by about 4.6% after reporting a better profit than expected in its second fiscal quarter. This is thanks to a rise in the do-it-yourself trend. And the strong demand AutoZone saw in the quarter echoes what we heard from competitor O'Reilly's a couple of weeks ago, as consumers hold onto their older cars here.
