Micron Technology (MU), which is an American global corporation that produces semiconductor devices and provides innovative memory solutions, was one of the S&P 500’s top gainers on February 6. After a brief pullback on Monday, Micron Technology opened higher on Tuesday and rallied to two-week high price levels.
The buying pressure in Micron Technology improved on Tuesday amid an upgrade of the outlook for the second quarter and the announcement of a new CFO. On Monday, Micron Technology announced that David Zinsner is the new CFO and senior vice president. Zinsner has more than 20 years of experience in finance and operations in the semiconductor and technology industry. According to management, the revenue forecast for Q2 was upgraded to $7.2 billion–$7.35 billion from the previous range of $6.8 billion–$7.2 billion. The EPS (earnings per share) was upgraded to $2.70–$2.75 from $2.51–$2.65.
On February 6, Micron Technology gained 11.4% and closed the day at $43.88.
Skyworks Solutions (SWKS) is an American semiconductor manufacturer. The company’s semiconductors are used in radio frequency and mobile communications systems. Skyworks Solutions was the S&P 500’s second-best performer on Tuesday. Skyworks Solutions regained strength last week and broke the three-week losing streak. Skyworks Solutions pulled back on Monday amid market weakness but opened higher on Tuesday and rallied to nine-week high price levels.
The buying pressure increased after the announcement of the company’s fiscal first-quarter earnings. According to management, the EPS in Q1 was $2 with revenue of $1.05 billion. Analysts forecast an EPS of $1.91 with $1.05 billion in revenue. On February 6, Skyworks Solutions gained 10.4% and closed the day at $104.56. Micron Technology and Skyworks Solutions are part of the S&P 500 Information Technology sector, which gained 2.8% on Tuesday.
In the next part of this series, we’ll discuss the S&P 500’s top losers on February 6.