Shares of Micron jumped 4% during extended trading after the chipmaker posted a first-quarter beat on the top and bottom line. Micron earned 48 cents per share excluding certain items on revenue of $5.14 billion, topping the earnings of 47 cents per share and revenue of $5.01 billion analysts expected. The company fell just shy of gross margin estimates, however, coming in at 27.3% on an adjusted basis versus the 27.4% expected, according to Refinitiv.
For the second quarter, the company’s outlook was largely below estimates, but CEO Sanjay Mehrotra said it would be the “cyclical bottom for our performance.”
Shares of Western Digital and NVIDIA edged 3% and nearly 1% higher, respectively, following Micron’s earnings beat. NVIDIA shares reached year-to-date high midday at $231.94 per share.
Herman Miller shares tanked more than 9% after the office and home furnishing company topped earnings expectations in its second-quarter but gave a mixed outlook for the third quarter. The company earned 88 cents per share on revenue of $674 million, while analysts expected earnings of 87 cents per share and revenue of $631 million, according to Refinitiv consensus estimates.
For the third quarter, Herman Miller said it expects earnings between 68 cents to 72 cents per share on an adjusted basis, falling short of the 75 cent EPS expected. The company’s revenue outlook range of $672 million to $692 million fell within Wall Street’s estimate of $675 million.
PG&E shares added to a midday rally, ticking 2% higher after the bell following a U.S. bankruptcy court’s approval of the utility’s $13.5 billion settlement with wildfire victims and $11 billion agreement with insurance companies late Tuesday evening. The utility’s shares are down approximately 52% year to date.
Axsome Therapeutics shares jumped about 5% after the biopharmaceutical company announced that it plans to offer and sell shares of its common stock to the public. Axsome, which develops treatments to central nervous system disorders, said it will use the proceeds to fund its late-stage product candidates and general corporate purposes.