Marijuana Stocks Fall, Micron Jumps, Lululemon Surges
On this episode of Stock Movers:
- Micron (MU) kicked off its biggest single-day stock gain in more than eight months after delivering an upbeat forecast for the current quarter, signaling that surging demand and supply shortages are allowing the memory-chip maker to charge more for products.
- Nike (NKE) posted more weakness in China and its Converse brand, sending shares down and offsetting higher-than-expected revenue in the latest quarter. Direct-to-consumer sales missed expectations, while Converse plunged 30% in the fiscal second quarter ended Nov. 30. Revenue rose 1% to $12.4 billion, above the average of analyst estimates.
- FedEx Corp. (FDX) raised the low end of its full-year profit and sales outlook, signaling the company’s efforts to slash costs and streamline its delivery networks are bearing fruit as demand improvesSebastian Escobar
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