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Real Money's Stock of the Day Micron (MU) - Get Micron Technology, Inc. Report posted stronger-than-expected second quarter earnings and echoed semiconductor sector rivals by forecast an uptick in global demand over the second half of the year.
Micron said adjusted non-GAAP earnings for the three months ending in February, the company's fiscal second quarter, came in at $1.71 per share, down nearly 40% from the same period last year but 4 cents ahead of the Street consensus forecast. Group revenues, Micron said, slumped 20.55% to $5.84 billion but again topped analysts' estimates of $5.82 billion. Adjusted free cash flow for the period hit $1 billion.
Biogen's Big Loss
Biogen (BIIB) - Get Biogen Inc. Report said the phase III trial of aducanumab, which it was conducting alongside Japan's Eisai Co. Ltd. (ESALY) , was designed to study a treatment for patients with mild cognitive impairment due to Alzheimer's disease or mild Alzheimer's disease dementia. It was abandoned after deeming the drug was unlikely to be successful, but noted safety issues were not the basis for the cancellation.
"This disappointing news confirms the complexity of treating Alzheimer's disease and the need to further advance knowledge in neuroscience. We are incredibly grateful to all the Alzheimer's disease patients, their families and the investigators who participated in the trials and contributed greatly to this research," said CEO Michel Vounatsos. "Biogen's history has been based on pioneering innovation, learning from successes and setbacks."
Citigroup boosted its price target on Apple by $50 to $220 per share with analyst Jim Suva expecting a dividend increase and a $100 billion increase in the company's share buyback plans when it reports second quarter earnings next month. Needham analysts upgraded Apple to "strong buy", with Laura Martin lifting her price target by $45 to $225 and arguing the company is "most likely to prevail in a direct competition between FAANG ecosystems."
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