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Micron outlook disappoints, Levi Strauss sales miss

June 27, 2024
in Business
Micron outlook disappoints, Levi Strauss sales miss
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Investing.com — U.S. stock futures pointed lower on Thursday, as traders awaited an upcoming presidential debate as well as crucial inflation data later in the week. Micron (NASDAQ:) shares plummet in extended hours trading after the chipmaker’s current-quarter outlook fails to meet soaring expectations. Meanwhile, Levi Strauss’s second-quarter sales miss estimates, sending shares in the denim maker down after-hours.

1. Futures lower

U.S. stock futures edged down on Thursday, with investors taking some caution ahead of a much-anticipated presidential debate and key inflation data that will be closely-monitored by Federal Reserve policymakers.

By 03:32 ET (07:32 GMT), the contract had dipped by 50 points or 0.1%, had fallen by 9 points or 0.2%, and had shed 43 points or 0.2%.

The main averages on Wall Street closed higher following a choppy trading session on Wednesday. The benchmark gained 9 points or 0.2%, the tech-heavy added 85 points or 0.5%, and the blue-chip inched up by 16 points or 0.04%.

Democratic President Joe Biden will square off against his Republican challenger Donald Trump in a televised debate on CNN on Thursday (see below). Analysts have said the event effectively marks the beginning of serious campaigning ahead of November’s U.S. president election.

Meanwhile, the latest reading of the personal consumption expenditures price index is due out on Friday. Widely regarded as the Fed’s preferred metric of price gains, the figure could impact how markets expect the central bank to approach potential interest rate reductions later this year.

2. Micron shares fall as forecasts disappoint lofty expectations

Shares in Micron slumped in extended hours trading after the U.S. chipmaker unveiled a current quarter financial outlook that disappointed sky-high investor expectations stemming from a surge in enthusiasm around artificial intelligence.

Idaho-based Micron said it expects to deliver revenue of $7.6 billion, plus or minus $200 million, in its fiscal fourth quarter, roughly in line with estimates of $7.6 billion, according to LSEG data cited by Reuters. For the three months ended May 30, Micron reported revenue of $6.81 billion, compared with projections of $6.66 billion.

Analysts flagged that they were looking for stronger guidance from the company, which makes high-bandwidth memory chips regarded as potential candidates for training the large language models that undergird AI applications. Micron has been a major beneficiary of the recent AI craze, with its shares more than doubling in value over the past one-year period.

“Though Micron’s earnings and quarterly outlook exceeded consensus, expectations were clearly elevated ahead of Wednesday’s print,” analysts at Stifel said in a note to clients.

The decline in Micron’s stock price pulled down shares in semiconductor peers like Nvidia (NASDAQ:), Advanced Micro Devices (NASDAQ:), and Intel (NASDAQ:) following the closing bell.

3. Levi Strauss shares slumps after quarterly sales miss estimates

Jeans manufacturer Levi Strauss & Co (NYSE:NYSE:) reported a slight miss in its fiscal second-quarter revenue, causing the company’s shares to shed more than 12% after-hours.

Second-quarter revenue increased by 7.8% to $1.44 billion, although this was just shy of forecasts of $1.45 billion.

Chief Financial Officer Harmit Singh said Levi Strauss was hit by unfavorable foreign exchange conditions and sluggish demand at Docker’s, its khaki and chinos brand.

However, the firm reiterated its annual financial outlook and announced an 8% dividend increase to $0.13 cents per share, marking the first rise in six quarters.

4. Biden-Trump debate ahead

Age is expected to be a central theme in Thursday’s debate between incumbent U.S. President Joe Biden and former President Donald Trump.

Biden, 81, and Trump, 78, are the two oldest candidates to ever seek the U.S. presidency. Trump has accused Biden of being physically and mentally unfit for office, while Biden has called Trump “unhinged” in the run-up to the event.

With national opinion polls largely split between the two, the debate could serve as a vehicle for either candidate to prove their fitness to a cohort of undecided voters that may influence the outcome of the election.

5. Crude prices inch down

Crude prices dipped slightly on Thursday, weighed by a surprise build in U.S. stockpiles which fueled worries around slow demand from the world’s top oil consumer.

By 03:29 ET, the futures (WTI) traded 0.1% lower at $80.82 per barrel, while the contract dropped 0.1% to $84.43 a barrel.

The U.S. Energy Information Administration reported a 3.6 million barrel jump in the country’s crude oil stocks last week, according to data released late Wednesday, disappointing the market which had expected a draw of 2.6 million barrels.

More concerning was a 2.7 million barrel build in gasoline inventories, which indicated that fuel consumption remained weak even with the onset of the travel-heavy summer season.

The inventory build ramped up fears that U.S. fuel demand was decelerating as the country grapples with sticky inflation and high interest rates.

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Tags: businessMicronOutlook
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