Short interest for Microchip Technology gives investors a sense of the degree to which investors are betting on the decline of Microchip Technology's stock. Short interest data is updated every two weeks.

Microchip Technology Stock (NASDAQ:MCHP), Short Interest Report

Microchip Technology

Microchip Technology became an independent company in 1989 when it was spun off from General Instrument. More than half of revenue comes from MCUs, which are used in a wide array of electronic devices from remote controls to garage door openers to power windows in autos. The company's strength lies in lower-end 8-bit MCUs that are suitable for a wider range of less technologically advanced devices, but the firm has expanded its presence in higher-end MCUs and analog chips as well.

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Wall Street experienced a quiet session during morning trading on Tuesday, influenced by a lack of significant economic data and minimal updates on earnings from major large-cap companies.

US Stocks Eye Fourth Positive Session Despite Hawkish Fed Remarks; Disney, Palantir Tumble; Treasury Yields Fall: What&#39;s Driving Markets Tuesday?

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Microchip Technology Analysts Boost Their Forecasts After Q4 Results

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NVIDIA To Rally More Than 19%? Here Are 10 Top Analyst Forecasts For Tuesday

Microchip Technology Incorporated - Common Stock

Microchip Technology Inc

Microchip Technology's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NYSE">MCHP</a>) short percent of float has fallen 5.5% since its last report. The company recently reported that it has 24.68 million shares sold short, which is 5.33% of all regular shares that are available for trading. Based on its trading volume, it would take traders 5.7 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Microchip Technology Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715276711_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Microchip Technology has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Microchip Technology's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Microchip Technology's peer group average for short interest as a percentage of float is 4.22%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(MCHP) - Analyzing Microchip Technology's Short Interest

Citigroup analyst Christopher Danely maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy and raises the price target from $100 to $104.

Analyst Ratings

Citigroup Maintains Buy on Microchip Technology, Raises Price Target to $104

Wall Street experienced a quiet session during morning trading on Tuesday, influenced by a lack of significant economic data and minimal updates on earnings from <a href="https://www.benzinga.com/money/best-large-cap-stocks">major large-cap companies.</a>
Traders largely disregarded the latest hawkish comments from Minneapolis Fed President Neel Kashkari, who noted progress on inflation seen in the latter half of 2023 had stalled and mentioned the Federal Reserve might raise rates if inflation becomes persistent. 
Kashkari also revealed he initially predicted two rate cuts for the year, but now anticipated possibly maintaining two, or reducing to one or none by the June Summary of Economic Projections.
The S&amp;P 500 saw a modest increase of 0.2% around midday in New York, with similar gains in the tech-heavy Nasdaq 100 and the Dow Jones, all of which are poised for their fourth consecutive session of gains. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), representing small caps, performed notably well, rising 0.8%.
Treasury yields declined slightly by about 6 basis points across various maturities from 5 to 30 years, with the 10-year benchmark decreasing to 4.4%, marking a fifth consecutive day of declines. This led to a continued rally in bonds, exemplified by a 1.1% increase in the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>).
In corporate news, chipmaker Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) saw its shares drop over 13% following weaker-than-expected guidance. Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) also fell sharply by over 10%, setting it on course for its worst performance day since November 2022.
In the cryptocurrency and precious metals markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained stable at $63,800, while both gold and silver declined by 0.5%
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,072.99</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,193.42</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,137.08</td>
<td>0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,914.33</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.3% to $518.80, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $389.01 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.3% to $441.54, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 1.1%, followed by the Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>), 1%. The Consumer Discretionary Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) was the major laggard, down 0.3%.
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) climbed over 5% amid rumors of a potential partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).</li>
<li>Simon Property Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) rose over 3% after the company reported upbeat results during the previous quarter. On the other hand, Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) fell over 14% after posting mixed quarterly results</li>
<li>Other stocks reacting to earnings were GlobalFoundries Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>) up over 8%, Vertex Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) down over 10%, Duke Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) up 1%, Transdigm Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDG#NYSE">TDG</a>) down 2%, DBA Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) down 0.4%, Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>) up 5%, Rockwell Automation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROK#NYSE">ROK</a>) up 1%, Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) down 1%, Williams Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>) up 0.8%, Fidelity National Information Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>) and Axon Enterprise Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>) down 4%.</li>
<li>Companies reporting after the close include Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), iRobot Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRBT#NASDAQ">IRBT</a>), Luminar Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAZR#NASDAQ">LAZR</a>), Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), Reddit, Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), RingCentral, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNG#NYSE">RNG</a>) and Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>).</li>
</ul>
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US Stocks Eye Fourth Positive Session Despite Hawkish Fed Remarks; Disney, Palantir Tumble; Treasury Yields Fall: What's Driving Markets Tuesday?

B. Riley Securities analyst Craig Ellis maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy and raises the price target from $105 to $110.

B. Riley Securities Maintains Buy on Microchip Technology, Raises Price Target to $110

TD Cowen analyst Joshua Buchalter maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Hold and raises the price target from $80 to $90.

TD Cowen Maintains Hold on Microchip Technology, Raises Price Target to $90

Keybanc analyst Weston Twigg maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Overweight and raises the price target from $90 to $110.

Keybanc Maintains Overweight on Microchip Technology, Raises Price Target to $110

UBS analyst Pradeep Ramani maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy and raises the price target from $95 to $103.

UBS Maintains Buy on Microchip Technology, Raises Price Target to $103

Goldman Sachs analyst Toshiya Hari maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Neutral and raises the price target from $77 to $88.

Goldman Sachs Maintains Neutral on Microchip Technology, Raises Price Target to $88

Piper Sandler analyst Harsh Kumar reiterates Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Neutral and raises the price target from $80 to $90.

Reiteration

Piper Sandler Reiterates Neutral on Microchip Technology, Raises Price Target to $90

Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) posted in-line earnings for its <a href="https://www.benzinga.com/quote/MCHP/earnings">fourth quarter on Monday</a>.
Microchip Technology posted GAAP earnings of 57 cents per share, in-line with estimates of 57 cents per share. The company posted sales of $1.33 billion in-line with expectations, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Microchip Technology raised its quarterly cash dividend by 18.0% year-over-year to 45.2 cents per share.
&#8220;We experienced a major inventory correction in fiscal 2024, leading to a 9.5% decline in revenue to $7.6 billion. Despite this, our resilient operating model and rapid adjustment to the adverse business environment enabled us to navigate these challenges to achieve a non-GAAP operating margin of 43.9%,&#8221; said Ganesh Moorthy, President and Chief Executive Officer. &#8220;We remained committed to our capital return program, returning $1.89 billion through dividends and share buybacks during fiscal 2024, up 15.4% from the prior year, and we are tracking towards achieving our goal of returning 100% of adjusted free cash flow to shareholders by the current fiscal year-end.&#8221;
Microchip Technology shares rose 2.6% to close at $93.76 on Monday.
These analysts made changes to their price targets on Microchip Technology following earnings announcement.
<ul>
<li>Mizuho raised the price target on Microchip Technology from $82 to $85. Mizuho analyst Vijay Rakesh maintained a Neutral rating.</li>
<li>Needham boosted the price target on Microchip Technology from $90 to $100. Needham analyst Quinn Bolton maintained a Buy rating.</li>
<li>Susquehanna increased the price target on Microchip Technology from $100 to $105. Susquehanna analyst Christopher Rolland maintained a Positive rating.</li>
<li>Truist Securities raised the price target on Microchip Technology from $93 to $96. Truist Securities analyst William Stein maintained a Buy rating.</li>
</ul>
Read More: <a href="https://www.benzinga.com/news/24/05/38665824/wall-streets-most-accurate-analysts-views-on-3-risk-off-stocks-with-over-3-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Risk Off Stocks With Over 3% Dividend Yields</a>

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Susquehanna raised the price target for Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) from $100 to $105. Susquehanna analyst Christopher Rolland maintained a Positive rating. Microchip Technology shares rose 2.6% to close at $93.76 on Monday. <a href="https://www.benzinga.com/quote/MCHP/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Citigroup boosted the price target for The Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) from $21 to $28. Citigroup analyst Paul Lejuez upgraded the stock from Neutral to Buy. Gap shares rose 2.9% to close at $22.21 on Monday. <a href="https://www.benzinga.com/quote/GPS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Barclays increased Omnicom Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) price target from $100 to $110. Barclays analyst Julien Roch upgraded the stock from Equal-Weight to Overweight. Omnicom shares rose 0.5% to close at $93.19 on Monday. <a href="https://www.benzinga.com/quote/OMC/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities cut the price target for Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) from $114 to $113. Truist Securities analyst Youssef Squali maintained a Buy rating. Alibaba shares rose 0.3% to close at $81.55 on Monday. <a href="https://www.benzinga.com/quote/BABA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer cut Bowlero Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOWL#NYSE">BOWL</a>) price target from $18 to $15. Oppenheimer analyst Ian Zaffino maintained an Outperform rating. Bowlero shares fell 10.3% to close at $11.20 on Monday. <a href="https://www.benzinga.com/quote/BOWL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs increased NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) price target from $1,000 to $1,100. Goldman Sachs analyst Toshiya Hari maintained a Buy rating. NVIDIA shares gained 3.8% to close at $921.40 on Monday. S<a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">ee how other analysts view this stock.</a></li>
<li>Piper Sandler raised the price target for Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) from $55 to $57. Piper Sandler analyst Michael Lavery maintained a Neutral rating. Tyson Foods shares fell 5.7% to close at $58.50 on Monday. <a href="https://www.benzinga.com/quote/TSN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham boosted Zeta Global Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) price target from $13 to $18. Needham analyst Ryan MacDonald maintained a Buy rating. Zeta Global shares gained 1.4% to close at $13.00 on Monday. <a href="https://www.benzinga.com/quote/ZETA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>TD Cowen slashed CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) price target from $99 to $59. TD Cowen analyst Charles Ryhee downgraded the stock from Buy to Hold. CVS Health shares rose 0.1% to close at $55.97 on Monday. <a href="https://www.benzinga.com/quote/CVS/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird cut Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) price target from $71 to $69. Baird analyst David Manthey maintained a Neutral rating. Fastenal shares fell 2.5% to close at $66.74 on Monday. <a href="https://www.benzinga.com/quote/FAST/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/38665041/top-4-health-care-stocks-which-could-rescue-your-portfolio-this-month">Top 4 Health Care Stocks Which Could Rescue Your Portfolio This Month</a>

Truist Securities analyst William Stein maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy and raises the price target from $93 to $96.

Truist Securities Maintains Buy on Microchip Technology, Raises Price Target to $96

Susquehanna analyst Christopher Rolland maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Positive and raises the price target from $100 to $105.

Susquehanna Maintains Positive on Microchip Technology, Raises Price Target to $105

Needham analyst Quinn Bolton maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Buy and raises the price target from $90 to $100.

Needham Maintains Buy on Microchip Technology, Raises Price Target to $100

Mizuho analyst Vijay Rakesh maintains Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) with a Neutral and raises the price target from $82 to $85.

Mizuho Maintains Neutral on Microchip Technology, Raises Price Target to $85

The recent market recovery shows signs of a slight falter. Index futures indicate a mixed open on Tuesday. Negative reactions to earnings from AI-linked company&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38653781/palantir-q1-earnings-revenue-beat-and-raise-us-commercial-growth-continued-gaap-profitability-and-m" rel="noreferrer noopener">Palantir Technologies</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) could weigh on the tech sector. Surprisingly,&nbsp;Walt Disney Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) shares fell sharply pre-market despite reporting a profit and its direct-to-consumer business turning a profit for the first time.
Traders may also focus on a speech by a hawkish Federal Reserve official scheduled for midday. Bond yields and the March consumer credit report could also be in the spotlight.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.14%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.13%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.10%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Tuesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 0.06% to $516.86,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.12% to $439.70, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session: 
The positive catalysts driving the market last week continued on Monday, pushing stocks higher. Fed Chair&nbsp;Jerome Powell&#8216;s dismissal of rate hikes, the &#8220;Goldilocks&#8221; job numbers, and positive earnings reports further lowered bond yields, leading to improved risk appetite.
The major averages opened higher and traded sideways, with buying accelerating in late trading. The Dow Industrials rose for a fourth session, while the Nasdaq Composite and S&amp;P 500 advanced for three straight days, all three reaching one-month highs. Information technology, consumer discretionary, and communication services stocks led the gains, with all sectors except real estate advancing.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td> Index</td>
<td> Performance (+/-)</td>
<td> Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.19%</td>
<td>16,349.25</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.03%</td>
<td>5,180.74</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.46%</td>
<td>38,852.27</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.23%</td>
<td>2,060.67</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fund manager Louis Navellier said in a note that the &#8220;bull market is back.&#8221; Outlining the rationale behind his conviction, he said:
<ul>
<li>rebound off the April correction should give investors more confidence in buying dips going forward.</li>
<li>lower interest rates are a bit more incentive to deploy funds out of money market accounts.</li>
<li>AI theme remains intact</li>
<li>an election year which should be heating up soon.</li>
</ul>
&#8220;The Magnificent 7&#8221; is a few cents from hitting a new high for the year, he noted.
Adam Turnquist, Chief Technical Strategist for LPL Financial, said technically, the S&amp;P 500 has bounced off oversold levels and rallied back to resistance at the 50-day moving average. The March high of 5,254 is the next resistance hurdle to clear, the analyst said. 
The technical strategist noted that the market breadth remained robust, with nearly three-quarters of S&amp;P 500 stocks remaining above their 200-dma. Cyclical sectors exhibited the broadest participation, he added.
&#8220;Momentum is also improving as the Percent Price Oscillator — a momentum indicator based on the relationship between two moving averages — recently flipped back into a buy position,&#8221; Turnquist said.
Upcoming Economic Data:
<ul>
<li>Minneapolis Fed President Neel Kashkari is due to speak at 11:30 a.m. EDT.</li>
<li>The Energy Information Administration will release its short-term energy outlook report at noon EDT.</li>
<li>The Treasury will auction three-year notes at 1 p.m. EDT.</li>
<li>The Fed will release its consumer credit report for March at 3 p.m. EDT. The outstanding consumer credit is expected to rise from $14.1 billion in February to $15 billion in March.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li> Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) fell over 8.50% <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the company&#8217;s earnings announcement.</li>
<li>Other stocks moving on earnings are Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>) (up over 4%), Palantir (down over 9.70%), Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) (down about 4%), The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>), Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) (down over 3%) and Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) (up over 7.50%).</li>
<li>Crocs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NASDAQ">CROX</a>), Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>), Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>), Embraer S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERJ#NYSE">ERJ</a>), Expeditors International of Washington, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXPD#NYSE">EXPD</a>), EVgo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>), Rockwell Automation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROK#NYSE">ROK</a>), UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), Disney and WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) are among the<a href="https://www.benzinga.com/calendars/earnings"> notable companies reporting ahead of the market open.</a></li>
<li>Those reporting after the close include Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>), Coupang, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPNG#NYSE">CPNG</a>), Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), GoPro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GPRO#NASDAQ">GPRO</a>), iRobot Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRBT#NASDAQ">IRBT</a>), Luminar Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAZR#NASDAQ">LAZR</a>), Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), Reddit, Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>), Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), RingCentral, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNG#NYSE">RNG</a>) and Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>).</li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) climbed over 5% amid rumors of a <a href="https://www.benzinga.com/markets/equities/24/05/38660790/is-apple-back-in-the-ev-game-tech-giant-reportedly-eyes-rivian-partnership">potential partnership with</a> Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). Apple was up a little less than a percent ahead of its &#8220;Let Loose&#8221; hardware launch event.</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
After Monday&#8217;s recovery, crude futures were headed lower and traded just above the $78-a-barrel mark, while gold futures fell. The 10-year bond yield fell further and held under 4.5%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased below $64,000 at the last check.
Markets in Asia ended on a mixed note, with those reopening after Monday&#8217;s public holiday playing catchup and rising sharply, while the Hong Kong, Chinese, Indian, Indonesian, and New Zealand markets retreated. European stocks have started on a firm note.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/05/38636014/will-earnings-cheer-continue-this-week-all-eyes-on-disney-palantir-robinhood-while-reddit-gears-up-">Will Earnings Cheer Continue This Week? All Eyes On Disney, Palantir, Robinhood While Reddit Gears Up For Debut Quarterly Report</a>
illustration created using artificial intelligence via MidJourney.

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Microchip Technology shares are trading lower after the company reported Q4 financial results.

<h3>Gainers</h3>
<ul>
<li>Boxlight (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOXL#NASDAQ">BOXL</a>) shares moved upwards by 14.2% to $0.73 during Monday's after-market session. The company's market cap stands at $7.0 million. </li>
<li>Coherent (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NYSE">COHR</a>) stock increased by 13.86% to $65.95. The company's market cap stands at $10.0 billion. The company's, Q3 earnings came out today. </li>
<li>Ultra Clean Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UCTT#NASDAQ">UCTT</a>) shares moved upwards by 9.35% to $46.98. The market value of their outstanding shares is at $2.0 billion. As per the press release, Q1 earnings came out today. </li>
<li>Zeta Global Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) stock moved upwards by 8.46% to $14.1. The company's market cap stands at $3.0 billion. The company's, Q1 earnings came out today. </li>
<li>Fabrinet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FN#NYSE">FN</a>) stock increased by 6.94% to $201.94. The company's market cap stands at $7.3 billion. The company's, Q3 earnings came out today. </li>
<li>Data Storage (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DTST#NASDAQ">DTST</a>) stock moved upwards by 6.7% to $5.89. The market value of their outstanding shares is at $40.7 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares declined by 9.4% to $22.83 during Monday's after-market session. The company's market cap stands at $50.8 billion. As per the news, the Q1 earnings report came out today. </li>
<li>Mobilicom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOB#NASDAQ">MOB</a>) stock declined by 6.75% to $0.96. The company's market cap stands at $5.1 million. </li>
<li>Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) shares declined by 4.55% to $89.5. The market value of their outstanding shares is at $48.3 billion. As per the press release, Q4 earnings came out today. </li>
<li>Teradata (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDC#NYSE">TDC</a>) stock decreased by 4.04% to $36.43. The market value of their outstanding shares is at $3.5 billion. As per the press release, Q1 earnings came out today. </li>
<li>Lumentum Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LITE#NASDAQ">LITE</a>) shares declined by 3.31% to $42.65. The market value of their outstanding shares is at $2.8 billion. As per the press release, Q3 earnings came out today. </li>
<li>GCT Semiconductor Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCTS#NYSE">GCTS</a>) stock fell 3.04% to $6.39. The company's market cap stands at $292.8 million. 
See Also: <a href="http://www.benzinga.com/money/tech-stocks/" title="www.benzinga.com/money/tech-stocks/">www.benzinga.com/money/tech-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Information Technology Stocks Moving In Monday's After-Market Session

Microchip Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) reported quarterly earnings of $0.57 per share which met the analyst consensus estimate. The company reported quarterly sales of $1.33 billion which met the analyst consensus estimate. This is a 40.61 percent decrease over sales of $2.23 billion the same period last year.

Microchip Technology Q4 2024 GAAP EPS $0.57, Inline, Sales $1.33B Inline

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Microchip Technology (NASDAQ:<a href="https://investorplace.com/stock-quotes/mchp-stock-quote/">MCHP</a>) just reported results for the fourth quarter of 2024.<ul><li>Microchip Technology reported earnings per share of 57 cents. This met the analyst estimate for EPS of 57 cents.</li><li>The company reported revenue of $1.33 billion.</li><li>This was 0.30% worse than the analyst estimate for revenue of $1.33 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/05/mchp-stock-earnings-microchip-technology-for-q4-of-2024/">MCHP Stock Earnings: Microchip Technology Meets EPS, Misses Revenue for Q4 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

MCHP Stock Earnings: Microchip Technology Meets EPS, Misses Revenue for Q4 2024

Microchip Technology Incorporated. (MCHP) Q4 2024 Earnings Call Transcript

Companies in the Technology sector have received a lot of coverage today as analysts weigh in on Microchip (MCHP – Research Report) and ServiceNow ...

Analysts Offer Insights on Technology Companies: Microchip (MCHP) and ServiceNow (NOW)

Biggest stock movers today: PLTR, LCID, and more

Bank of America Securities analyst Vivek Arya has reiterated their bullish stance on MCHP stock, giving a Buy rating on May 2. Vivek Arya's rating ...

Microchip's Turnaround and Financial Resilience Reinforce Buy Rating

There's a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on ServiceNow (NOW – Research Report), Microchip (MCHP ...

Analysts' Top Technology Picks: ServiceNow (NOW), Microchip (MCHP)

Wells Fargo analyst Gary Mobley maintained a Hold rating on Microchip (MCHP – Research Report) yesterday and set a price target of $90.00. Gary Mob...

Microchip Stock Hold Rating: Anticipated Recovery May Be Priced In Amid Cyclical Uncertainty

Truist Financial analyst William Stein maintained a Buy rating on Microchip (MCHP – Research Report) today. The company's shares closed yesterday a...

Truist Financial Reaffirms Their Buy Rating on Microchip (MCHP)

Biggest stock movers today: DIS, PLTR, LCID, and more

May's FOMC meeting left the Fed Funds Rate unchanged. JOLTS showed fewer job openings with increased layoffs. April's job report disappointed, adding only 175k jobs and seeing higher unemployment. Consumer confidence sharply dropped to 97 in April.

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