Micron Posts Upbeat Sales, Joins Calliditas Therapeutics And Other Big Stocks Moving Higher In Thursday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
Micron Technology, Inc. (NASDAQ:MU) reported Q1 revenue of $4.73 billion, surpassing estimates, but posted a loss of 95 cents per share, missing expectations. The company's strong guidance led to a 5.7% increase in pre-market trading. Other stocks showing pre-market gains include Calliditas Therapeutics, Lands' End, Canaan Inc., Immunovant, TeraWulf, Cipher Mining, RingCentral, and HIVE Digital Technologies, with several influenced by Bitcoin strength and positive company-specific news.
December 21, 2023 | 10:27 am
News sentiment analysis
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POSITIVE IMPACT
Calliditas Therapeutics shares surged 14.1% in pre-market trading following FDA approval of TARPEYO.
FDA approval is a significant positive catalyst for pharmaceutical companies, likely leading to a short-term increase in CALT's stock price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Canaan Inc. shares rose 10.9% in pre-market amid a rally in Bitcoin prices.
Canaan's stock is often influenced by the price of Bitcoin, and a rally in Bitcoin can lead to a positive short-term impact on CAN's stock.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Cipher Mining shares increased 7.2% pre-market after an analyst reiterated a Buy rating and maintained a $5.5 price target.
Positive analyst ratings and price targets can influence investor sentiment, likely leading to a short-term positive impact on CIFR's stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
HIVE Digital Technologies shares gained 4.6% in pre-market amid a general rise in Bitcoin prices.
HIVE's stock is often influenced by the price of Bitcoin, and a rally in Bitcoin can lead to a positive short-term impact on HIVE's stock price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Immunovant shares increased 7.4% pre-market after reporting initial Phase 2 results for Batoclimab in Graves’ disease.
Positive clinical trial results are a strong catalyst for biotech stocks, likely leading to a short-term positive impact on IMVT's stock price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Lands' End shares increased 12.3% in pre-market after reporting a narrower-than-expected quarterly loss earlier in the month.
A narrower-than-expected loss can be a positive signal to investors, potentially leading to a short-term uptick in LE's stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Micron reported higher-than-expected Q1 revenue but missed EPS estimates. The company's strong guidance led to a pre-market share price increase.
Micron's positive revenue surprise and upbeat guidance are likely to be viewed favorably by investors, despite the EPS miss, leading to a short-term positive impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
RingCentral shares climbed 5.6% in pre-market after announcing the repurchase of approximately $253 million of convertible notes.
Repurchasing convertible notes can be seen as a positive financial move, potentially leading to a short-term increase in RNG's stock price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
TeraWulf shares rose 7.2% in pre-market following the company's recent production and operations update.
Operational updates can affect investor sentiment, potentially leading to a short-term increase in WULF's stock price.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70