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Micron Technology – Reported Q2 results, with EPS of $2.14 coming in better than the consensus estimate of $1.97. Revenue came in at $7.79 billion, beating the consensus estimate of $7.53 billion. In addition to the strong profits, Micron posted $1 billion in free cash flow. According to Sanjay Mehrotra, the President and CEO of Micron Technology, the company is leading the industry in technology across DRAM and NAND, and is on track to deliver record revenue and robust profitability in fiscal 2022 following an outstanding 1st-half. The company provided its Q3/22 outlook, expecting the EPS to range from $2.56 to $2.36, compared to the consensus of $2.21, and revenue to range from $8.5 billion to $8.9 billion, compared to the consensus of $8.06 billion.
Lululemon Athletica – reported Q4 results, with EPS of $3.37 coming in better than the consensus estimate of $3.27. Revenue grew 23% year-over-year to $2.1 billion, slightly below the consensus estimate of $2.13 billion. North America’s revenue grew 21% and International revenue grew 35% year-over-year. Total comparable sales rose 22% year-over-year. According to Calvin McDonald, CEO of Lululemon Athletica, the company passed the $6 billion (fiscal 2021 revenue up 42% to $6.3 billion) in annual revenue for the first time. The company expects Q1/22 EPS in the range of $1.38-$1.43, compared to the consensus of $1.29, and revenue of $1.525-1.55 billion, compared to the consensus of $1.41 billion. LULU also approved a $1 billion stock repurchase program of the company’s common shares.
Meme Stocks – Back on watch after this week’s wild action, AMC Entertainment is cashing in on its recent surprise $27m investment in Hycroft Mining, as of Wednesday the value of the 46.82 million shares of Hycroft that AMC owns has increased by $69.3 million. Robinhood shares also surged Tuesday after the company increased extended trading by four hours in an effort to enable 24/7 investing. Both GME and AMC were halted shortly after the open Tuesday for volatility as the shares sold off sharply following an impressive two day rally. AMC, GME, HOOD, HYMC
Rivian Automotive – Back on watch after yesterday’s monster rally that saw the stock break back above the psychological $50 level on an impressive apparent technical breakout.
Tesla Inc – Red to Green premarket after yesterday’s sell off, separately, a state-owned utility in Australia has picked Tesla’s Megapack batteries for a A$150 million energy storage project to back up wind and solar power, the state government of Queensland.
BioNTech – Set to report earnings, also announced it has expanded an ongoing clinical trial programme to develop new vaccines and patterns of administration for better protection against the dominant Omicron coronavirus variant. The enlargement of its trial programme with partner Pfizer, initially unveiled in January, comes as global COVID-19 cases are on the rise and protection against infection from its established Comirnaty vaccine has waned, though protection against severe cases of the disease remains. BioNtech boosted the number of participants in the trial – in which participants’ blood will be monitored for immune responses – to 2,150 from the 1,420 announced in January.
Moderna Inc – Also higher for the third straight session after the FDA granted EMA for a second booster dose in the US for adults 50+
Adagio Therapeutics – Higher after it said its COVID drug ADG20 has met its main goals in a trial; EUA filing to come in Q2.
Direct Digital Holdings – Micro cap online advertising company higher after reporting quarterly revenue growth that beat estimates along with a higher FY forecast.