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Qualcomm Inc (NASDAQ:QCOM) shares are trading higher by 2.42% to $124.28 Wednesday morning. Shares of semiconductor companies are trading higher in sympathy with Micron, which said customer inventories have declined in several end markets.
What's Going On With Micron?
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Micron on Tuesday reported quarterly losses of $1.91 per share which missed the analyst consensus estimate of a loss of 81 cents.
The company also reported quarterly sales of $3.69 billion which missed the analyst consensus estimate of $3.72 billion by roughly 1%. This sales figure represents a 52.6% decrease over sales of $7.79 billion in the same period last year.
"Micron delivered fiscal second-quarter revenue within our guidance range in a challenging market environment. Customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance," said Sanjay Mehrotra, president and CEO of Micron...Read More
According to data from Benzinga Pro, Qualcomm Inc has a 52-week high of $160.27 and a 52-week low of $101.93.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.