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Stock futures inched higher in the early trading hours of Thursday following the Federal Reserve’s decision to maintain interest rates and its indication of considering at least three rate cuts in 2024.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- Micron Technology (NASDAQ:MU) shares soared 18% following the release of its impressive FQ2 results and optimistic outlook. The company reported significant growth in DRAM revenue, up over 50%, and NAND revenue, which surged 77% in FQ2. For FQ3, Micron anticipates adjusted EPS between $0.38 and $0.52, well above the consensus estimate of $0.09 and sales projected to fall within the range of $6.4B to $6.8B, exceeding the consensus of $6B.
- Broadcom (NASDAQ:AVGO) shares rose 3% following the company’s announcement of its latest artificial intelligence infrastructure offerings at an investor meeting. President of Broadcom’s semiconductor solutions group, Charlie Kawwas, emphasized the need for a network-centric platform based on open solutions to handle the increasing demand for generative AI clusters. Broadcom showcased a range of technologies aimed at enabling large-scale AI infrastructure, including products like the Bailly CPO Ethernet switch, Tomahawk 5, Trident 5-X12 chip with neural network, and Jericho3-AI fabric for AI networks. Barclays highlighted Broadcom as best positioned for the “second wave of AI,” setting a price target of $1,405, while Jefferies named it one of the top 10 stocks to buy.
Biggest stock losers
- Shares of Li Auto (NASDAQ:LI) plunged over 7% after the company revised its 1Q24 delivery outlook due to lower-than-expected order intake. The updated outlook now expects vehicle deliveries to be between 76,000 and 78,000 vehicles, down from the previous estimate of between 100,000 and 103,000 vehicles. The company’s chairman and CEO, Xiang Li, acknowledged operational issues with Li MEGA and emphasized the need to recalibrate the strategy to focus on core user groups and cities with stronger purchasing power. Li also emphasized the importance of enhancing user value and driving operating efficiency over sales volume and competition to restore sustainable growth.
- Lufax Holding’s (NYSE:LU) stock fell 3% after the company missed the consensus mark in its Q4 earnings report. The company reported a significant 44% decline in total income. Looking ahead to FY2024, Lufax expects new loan sales to be in the range of RMB190B to RMB220B. Additionally, the company expects the year-end loan balance to be in the range of RMB200B to RMB230B.
