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☕️ A Market Pick-Me-Up
What one analyst says the market needs to help propel it to new highs, $WBA, $MU earnings and more
Charla Hojnacki
June 27, 2024
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Happy Thursday Zingernation! When I’m a little sleepy early in the morning a nice cup of coffee usually does the trick. And if that doesn’t work, all I have to do is look at my crypto portfolio to really get my heart rate up. And speaking of pick-me-ups, here’s what one analyst says the market needs to propel it to new all-time highs.
—Aaron Bry & Nic Chahine
Plus, check out the company that’s using cutting-edge laser technology to revolutionize industrial engineering.
MARKET SNAPSHOT
Yesterday: Green on the screen baby! The overall market erased earlier gains to close in the green, led by mega-cap tech stocks like $AMZN and $TSLA.
On Our Radar: Lots of economic data this morning with initial jobless claims, GDP numbers and more due at 8:30 am ET. Then, after the close we will hear from Nike and some other major companies.
TOP STORY
Briefly: Micron Technology reported financial results for the third quarter after the market close on Wednesday. Here’s a rundown of the report.
Micron Q3 Earnings: Micron reported third-quarter revenue of $6.81 billion, beating the consensus estimate of $6.634 billion. The company reported adjusted earnings of 62 cents per share, beating analyst estimates of 49 cents per share.
So: Micron has now exceeded analyst estimates on the top and bottom lines in five straight quarters, according to data from Benzinga Pro.
The Numbers: Operating cash flow came in at $2.48 billion versus $1.22 billion in the prior quarter and $24 million in the comparable quarter last year. Adjusted free cash flow was $425 million in the quarter. The company ended the quarter with $9.22 billion in cash, marketable securities and restricted cash. Here’s what led the strong quarter for Micron, and why it’s trading lower this morning.
PRESENTED BY LASER PHOTONICS
Ethical engineering isn’t just a buzzword for Laser Photonics Corp. (NASDAQ: LASE) – it's a way of life. It's also why the company has attracted many Fortune 1000 companies across various industries as its clients. Many companies choose to conduct business with manufacturers that put quality, sustainability and reliability front and center, and Laser Photonics seems to check off all those boxes.
Its next-generation advanced lasers not only adhere to all the rules and regulations set forth by government agencies, but incorporate extra safety features to keep operators safe. This is at a low cost, to give the company an edge over its rivals.
Laser Photonics credits its ethical approach to engineering to its deep management bench and world-class R&D team, which holds several patents. Its innovative approach continues to fuel the company’s growth.
FIVE ZINGERS
Bullish Call: Elon Musk says that Tesla could hit a $24 trillion valuation by 2034. Here’s what he thinks will drive the growth.
What’s Not To Like?: New crypto projects are combining AI and blockchain technology to take on Bitcoin…. and it appears to be working.
Blue Jeans, Red Stock: Levi Strauss reported earnings after the close yesterday and the numbers spooked investors. Here’s why.
Back From The Dead?: Many experts were quick to write Blackberry’s obituary. But here’s why the stock is perking up this morning.
The Earnings Playbook: Want to make an extra few bucks trading through earnings season? Register here for expert options ideas.
ONE FOR THE ROAD
Briefly: JPMorgan JPM analysts are predicting a potential bump in the road for Bitcoin BTC/USD prices this July.
What Happened: Their report, released Wednesday, highlights the upcoming repayments to creditors of defunct crypto exchange Mt. Gox as a source of downward pressure on the market.
Quoted: “A similar downside risk looms in July with Mt. Gox creditors,” the report states, led by analyst Nikolaos Panigirtzoglou, according to The Block.
So: This concern stems from the expectation that some creditors will sell a portion of their recovered Bitcoin. But, the $JPM analysts say there may be a silver lining down the road.
PRESENTED BY LASER PHOTONICS
Ethical engineering isn’t just a buzzword for Laser Photonics Corp. (NASDAQ: LASE) – it's a way of life. It's also why the company has attracted many Fortune 1000 companies across various industries as its clients. Many companies choose to conduct business with manufacturers that put quality, sustainability and reliability front and center, and Laser Photonics seems to check off all those boxes.
Its next-generation advanced lasers not only adhere to all the rules and regulations set forth by government agencies, but incorporate extra safety features to keep operators safe. This is at a low cost, to give the company an edge over its rivals.
Laser Photonics credits its ethical approach to engineering to its deep management bench and world-class R&D team, which holds several patents. Its innovative approach continues to fuel the company’s growth.
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