QQQs +17bpsbps as all eyes on FOMC this afternoon. MU EPS after the close. BTC -1.3% back to $105k. Yields ticking up slightly. NVDA +3% green in the pre-market! TSLA -2% red in the pre-market! What’s happening!!!
Let’s dive straight in…
MU Bogeys (reports after the close)
Sentiment generally subdued as DRAM pricing checks have been weak, but has improved over the last week (stock +15%) after AVGO’s print as bulls still comfortable looking past near-term DRAM weakness while remaining more positive on HBM ramp in ‘25 and beyond. Investors don’t want a repeat of AVGO and remember last q when MU beat despite weak checks so I’ve heard of short covering over the last week. Bears will point to Samsung ramping up and continued DRAM weakness given PC/smartphone weakness. Bogeys generally inline with street…
Q1 Revs: $8.75B vs street at $8.72B
Q2 Revs: In-line vs street at $9B
Q2 EPS: $1.90 vs street at $1.93
3p Roundup:
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