Stock futures dropped on Thursday following disappointing earnings guidance from Micron Technology, as investors awaited data on jobless claims, durable goods orders, GDP, and more. Micron’s adjusted earnings and revenue for the fiscal third quarter exceeded analyst expectations, but the stock fell due to revenue guidance for the fourth quarter only meeting estimates. Other chipmakers, such as NVIDIA, Advanced Micro Devices, and Intel, also saw declines as a result.
Walgreens Boots Alliance and Levi Strauss also faced stock declines after reporting adjusted earnings that missed estimates. Amazon.com, on the other hand, reached a market capitalization of over $2 trillion for the first time and closed at an all-time high. International Paper experienced a fall after negotiations with Brazilian company Suzano to acquire the company ended, while AeroAmbiente reported earnings and revenue that surpassed analyst expectations.
Blackberry saw an increase in stock value after reporting a narrower loss than expected, and McCormick and Company reported better-than-expected earnings in its fiscal second quarter. Nike shares rose ahead of scheduled quarterly earnings. Overall, the market was influenced by various company reports and announcements on earnings and revenue, with investors monitoring the various economic indicators.
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