Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average
traded lower Thursday marking its eighth straight daily decline, the longest losing streak since March 2017.
- Intel Corp. (INTC declined 2% as CEO Brian Krzanich resigned after it was revealed he had a past consensual relationship with an employee at the chipmaker.
- Micron Technology Inc. (MU rose 1.3% after issuing a forecast for the fiscal fourth quarter that topped analysts' estimates.
Wall Street Overview
Stocks fell on Thursday, June 21, as investors continued to eye developments in the U.S.-China trade war.
China warned the U.S. it was ready to respond to recently announced tariffs with "qualitative and quantitative" measures of its own and European Union officials brought forward the date at which their levies on U.S. made goods would kick in.
"It is deeply regrettable that the U.S. has been capricious, escalated the tensions, and provoked a trade war," said China's Commerce Ministry spokesman Gao Feng. "The U.S. is accustomed to holding 'big sticks' for negotiations, but this approach does not apply to China."
The Dow Jones Industrial Average
Oil prices fell Thursday amid reports that OPEC members were close to agreeing to a deal that would boost output. OPEC meets Friday, June 22, in Vienna.
Brent crude, the global benchmark, tumbled 1.4% to $73.70 a barrel, while West Texas Intermediate crude, the U.S. benchmark, was down slightly to $65.68 a barrel.
"Intel was recently informed that Mr. Krzanich had a past consensual relationship with an Intel employee," the company wrote in a press release. "An ongoing investigation by internal and external counsel has confirmed a violation of Intel's non-fraternization policy, which applies to all managers. Given the expectation that all employees will respect Intel's values and adhere to the company's code of conduct, the Board has accepted Mr. Krzanich's resignation."
Intel named Robert Swan, chief financial officer, as the interim CEO.
TheStreet explains what Intel investors need to do right now.Micron Technology Inc. ( MU posted fiscal third-quarter adjusted earnings of $3.15 a share, 2 cents higher than estimates as sales rose 40% to $7.8 billion. On a conference call following the release of the earnings, Chief Financial Officer Dave Zinsner said Micron expects fourth-quarter adjusted earnings of $3.23 to $3.37 a share on revenue of $8 billion to $8.4 billion. Both estimates were higher than analysts' forecasts.
Micron shares rose 0.9%.
Watch TheStreet's analysis of Micron's results.
Darden Restaurants Inc. (DRI posted fiscal fourth-quarter adjusted earnings of $1.39 a share, 4 cents ahead of estimates, as same-store sales rose 2.2%. The owner of Olive Garden said it expects same-restaurant sales in fiscal 2019 to rise 1% to 2%. Shares rose 14.5%.
Kroger Co. (KR posted quarterly adjusted profit of 73 cents a share, 10 cents higher than estimates. The grocery giant also raised the low end of its guidance for 2018, saying it expects adjusted profit of $2 to $2.15 a share, up from $1.95 to $2.15. Shares were up 9.6%.
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