Micron stock soars on raised Q4 guidance amid AI-driven demand
Micron Technology raised its fiscal Q4 revenue guidance to approximately $11.2 billion due to improved DRAM pricing and strong execution, leading to a jump in its stock price.
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"Spirit Airlines' Bullish Q4 Guidance and JetBlue Deal Appeal Propel Share Rebound"
Spirit Airlines issues bullish Q4 guidance, expecting revenues of $1.32 billion due to strong holiday bookings, with improved operating expenses and completion factor. Disagrees with U.S. District Court's verdict blocking $3.8-billion deal with JetBlue Airways, citing competition concerns, and plans to appeal. Zacks Rank #3 (Hold) for SAVE, while better-ranked stocks in the airline industry include Copa Holdings and American Airlines.
SolarEdge shares plummet as Q4 guidance disappoints
SolarEdge shares plunged over 20% in after-hours trading after the solar product manufacturer provided weak guidance for its fourth quarter, citing struggles in the renewable energy sector. The company reported a loss per share of 55 cents, better than the expected 89 cents per share, but fell short of revenue expectations with $725 million compared to the estimated $768 million. SolarEdge expects revenue for the current quarter to be between $300 million and $350 million, significantly below analysts' estimate of $688 million. The solar sector has been facing challenges due to a slow market environment and declining installation rates for solar panels.
AMD's AI Chip Sales Expected to Soar Despite Q4 Guidance Miss
AMD reported better-than-expected Q3 earnings, with $5.8 billion in revenue and $0.70 in EPS. However, the company missed Q4 revenue guidance, forecasting $6.1 billion instead of the expected $6.4 billion. AMD is playing catch-up with Nvidia in the AI chip market but believes the field is still open for competition. The company's newest data center chip, the MI300, could help narrow the gap. Wall Street analysts have a positive outlook on AMD's long-term growth potential.
Enphase Energy's Q3 Revenue Miss and Weak Q4 Guidance Cause Stock Plunge
Enphase Energy's stock plunges nearly 18% after reporting mixed Q3 results and issuing weak Q4 guidance. The company's Q3 net income remained flat, while revenues fell 13% year-over-year and 22.5% quarter-over-quarter. Enphase attributed the decline in U.S. revenues to macroeconomic conditions and the drop in Europe sales to high inventory and softening demand in key markets. For Q4, Enphase expects revenues of $300M-$350M, significantly below analyst estimates. Other solar stocks, including SolarEdge Technologies, Sunrun, SunPower, and Shoals Technologies, also experience declines in after-hours trading.