micron’s CEO to discuss strong quarterly results

Micron Technology CEO Sanjay Mehrotra will appear on TV Thursday during the 9 a.m. hour Eastern time. The chip giant reported quarterly results Wednesday afternoon, beating estimates. Micron’s chips are used in the artificial intelligence industry.

The US 60/40 portfolio (60% stocks, 40% bonds) is up over 29% since it was declared "dead" last October.

Video: https://t.co/2Temhsdvx0 pic.twitter.com/vUdN8SexMQ

— Charlie Bilello (@charliebilello) September 24, 2024

The company said some of its chips for next year are already pre-sold out. The stock is up 14% after hours, although it remains about 35% below the June high. TV’s Phil LeBeau will report on Southwest Airlines’ investor day.

* S&P 500 HITS FRESH INTRADAY RECORD HIGH@reuters $SPX 🇺🇸 pic.twitter.com/5u3ZvO82V5

— Carl Quintanilla (@carlquintanilla) September 24, 2024

The company is currently dealing with pressure from activist investor Elliott Management. News of the investment came out recently, and since then, Southwest’s stock is barely up, just 2%. The stock took a hit Wednesday, falling about 4.6%, and it is 19% below the February 52-week high.

If using forward P/E as a sentiment gauge, investors seem more excited lately about S&P 500 (blue) than Magnificent 7 (orange), given former’s forward P/E is much closer to its mid-July high pic.twitter.com/TkBEUnYtYQ

— Liz Ann Sonders (@LizAnnSonders) September 26, 2024

Micron’s strong quarterly performance

Class B shares of a major company hit a 30-month high Wednesday, rising 19% over the last three months. Another prominent stock hit a 29-month high Wednesday, gaining 9.5% in September. A different stock reached an all-time high, up 48% in 2024. The industrials sector within the S&P has performed well, up about 10% in the last three months. Several industrial stocks hit all-time highs on Wednesday, contributing to a strong performance in the sector. One industrial stock saw an 8% increase in a week and a 40% rise over three months. Another stock hit an all-time high, up 27.5% in three months. A third industrial giant also reached an all-time high, up 23.5% in three months. Keep an eye on these developments as they could influence the market in the next trading session.