Today's News
Micron Technology (MU, Financial) saw a significant premarket boost of 15% after its fourth-quarter results and first-quarter guidance exceeded expectations. The memory maker's strong performance is attributed to the rising demand for artificial intelligence, which is counterbalancing consumer market weaknesses. This positive outlook also lifted shares of Western Digital (WDC, Financial) and Seagate Technologies (STX, Financial).
Accenture (ACN, Financial) experienced a 4% rise in premarket trading after surpassing fiscal fourth-quarter expectations. The company reported a 3% year-over-year increase in adjusted EPS and revenue, driven by its leadership in Generative AI. Peers like EPAM Systems (EPAM, Financial), Cognizant Technology Solutions (CTSH, Financial), and Infosys (INFY, Financial) also saw gains.
Nvidia (NVDA, Financial) shares rose 2.3% in premarket trading as Susquehanna highlighted the strong pricing of its Hopper line ahead of the Blackwell launch. The aftermarket prices for the H100 have remained stable, indicating robust demand and minimal secondary market supply, which bodes well for continued spending on Nvidia's products.
Southwest Airlines (LUV, Financial) provided an optimistic guidance update ahead of its Investor Day event. The airline expects revenue per available seat mile to rise 2% to 3% year-over-year for Q3 and plans for significant capacity increases. Additionally, Southwest will launch global airline partnerships and vacation packages in 2025, along with an assigned seating model to broaden its consumer appeal.
AbbVie (ABBV, Financial) announced that its experimental therapy Tavapadon for Parkinson's disease achieved the primary endpoint in a Phase 3 trial. The once-daily treatment showed significant improvement in disease severity, meeting key secondary endpoints and demonstrating a consistent safety profile.
Bernstein upgraded Starbucks Corporation (SBUX, Financial) to an Outperform rating, citing new CEO Brian Niccol's potential to guide the brand's comeback. Niccol's experience with turnarounds at Taco Bell and Chipotle is expected to help Starbucks achieve operational stability and unlock its earnings potential.
Freeport-McMoRan (FCX) saw a 5.4% pre-market rise as copper futures approached $10K/ton, driven by China's aggressive economic stimulus measures. Other mining and metals stocks, including Alcoa (AA) and Southern Copper (SCCO), also gained.
SK hynix's stock surged 9% after announcing the mass production of the world's first 12-layer HBM3E product with 36GB capacity. The South Korean company plans to supply these high-capacity chips to customers by the end of the year, meeting the highest standards for AI memory.
Baidu (BIDU) unveiled its upgraded Baige AI Heterogeneous Computing Platform 4.0 and Qianfan Foundation Model Platform 3.0 at its 2024 AI Cloud Summit. The platforms are designed to enhance AI capabilities and enterprise applications, boasting impressive efficiency and scalability.
Initial jobless claims for the week ended Sept. 21 declined to 218K, missing the 224.5K consensus. The four-week moving average also decreased, indicating a slightly improving job market.
CarMax (KMX) shares fell 7% in premarket trading despite positive Q2 results, overshadowed by losses in its financing unit. Rival Carvana (CVNA) remained unaffected, while Vroom (VRM) and CarGurus (CARG) showed no premarket activity.
GuruFocus Stock Analysis
- When Buffett Meets Bannister by Smead Capital Management
- Intuit Has a Robust Moat With Undervalued Growth Catalysts by Oliver Rodzianko
- There Is Light at the End of the Tunnel for Alibaba by Wright's Research
- Humana: A Beaten-Down Health Care Stock to Re-Emerge as Inflation Fades by Akim Guerreiro
