Title: Midday Market Update: Micron Surges, Apple Slips, and Guess Soars
The midday trading session was filled with notable moves in the stock market as companies reported earnings, faced legal troubles, and received upgrades. Here’s a rundown of the key highlights from today’s trading session:
Micron (MU) led the charge with a 14% surge after beating analyst expectations for its fiscal second-quarter earnings and revenue. The semiconductor manufacturer posted earnings of 42 cents per share on $5.82 billion of revenue, outperforming analyst estimates.
On the other hand, Apple (AAPL) faced a 3.2% drop after news broke that the Department of Justice was suing the tech giant for anti-competitive practices in its iPhone ecosystem. Regulators alleged that Apple’s practices are monopolistic and impact multiple areas of the business.
Astera Labs (ASRA) experienced a 14.1% increase in its stock price, continuing its rally from the previous day as a publicly traded company on the Nasdaq. Li Auto (LI), a Chinese electric-vehicle maker, saw a 7.5% decline in U.S.-listed shares due to weak guidance for first-quarter deliveries.
Chewy (CHWY) and Five Below (FIVE) both saw stock prices drop after issuing disappointing guidance for the upcoming quarters. Guess (GES) stood out with a 23.1% surge in its stock price after beating earnings forecasts.
Other notable movers include Darden Restaurants (DRI), Paramount Global (PARA), Accenture (ACN), FactSet (FDS), Illumina (ILMN), Broadcom (AVGO), Revolve Group (RVLV), Nvidia (NVDA), Sunnova (NOVA), and Nextracker.
Overall, the midday trading session saw a mix of positive and negative reactions to earnings, legal issues, and analyst upgrades. It will be interesting to see how these companies continue to perform in the coming days and weeks. Stay tuned for more updates on the stock market.
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