Crypto lender Figure upsizes its IPO ahead of opening trade Thursday
Crypto lending comapny Figure has priced its initial public offering of 31.5 million shares at $25 per share, above the expected range of between $20 and $22 per share, and giving it a total market value of about $5 billion.
The company is expected to make its trading debut on the Nasdaq Thursday under the ticker FIGR.
— Tanaya Macheel
Citi raises price target on Micron ahead of semiconductor manufacturer’s next earnings release
Micron offices in San Jose, California, on Nov. 30, 2023.
David Paul Morris | Bloomberg | Getty Images
In a Thursday note, Citi reiterated its buy rating on semiconductor manufacturer Micron Technology while also raising its price target to $175 per share from $150.
Micron stock has surged 66% this year. Citi’s updated price forecast implies an additional 25% upside ahead.
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As a catalyst for the price hike, Citi cited expectations for “decent results and well above consensus guide” at Micron’s fiscal fourth-quarter earnings release, which is scheduled to come out on Sept. 23 after market close.
“We expect the company to report in-line results and guide well above consensus driven by higher DRAM and NAND sales and pricing. We believe the continued memory upturn is being driven by limited production and better than expected demand, particularly from the data center end market (55% of Micron revenue),” wrote analyst Christopher Danely.
Specifically, Danely expects fiscal fourth-quarter earnings and revenue of $2.62 per share and $11.2 billion, respectively. He forecasts Micron will guide its current-quarter revenue to $13 billion, above consensus estimates calling for $11.71 billion.
— Lisa Kailai Han
A half-point cut from the Fed next week would ‘scare’ the market, David Rubenstein says
The market could actually react negatively if the Federal Reserve lowers its key interest rate by a half percentage point, or 50 basis points, next week, according to David Rubenstein, co-founder and co-chairman of The Carlyle Group.
“On inflation, clearly the Fed next week will obviously do something we all expect. I don’t think it’s going to be a surprise,” he said on CNBC’s “Squawk Box.” “It will have to be 25 basis points. If the Fed were to go 50 basis points, it would scare the markets that the economy is weaker than the market thinks it is.”
“It would be too much for the market to absorb,” he said.
— Sean Conlon
Companies not hiring, but not firing either, Wells Fargo says
Pedestrians make their way early morning in the hallway of the Grand Central terminal in New York on February 29, 2024.
Charly Triballeau | AFP | Getty Images
The U.S. economic picture may be worsening, but for now companies don’t show signs of firing employees, Wells Fargo Investment Institute strategist Scott Wren wrote.
“With the negative revisions to the prior month’s job gains taken into account, the domestic labor market is, at the very least, slowing noticeably,” he wrote. “But monthly job-creation numbers are not the only statistic to track. In most past cycles, initial jobless claims, reported every Thursday morning, have provided a good leading indicator for the likely path of domestic employment.”
“History shows that in decades past, even in very good economic times, initial jobless claims would frequently come in at levels above 300,000. In this cycle, the current relatively steady level of claims means businesses are holding on to their employees. The bottom line, right now, appears to be that companies are not hiring but they are also not firing,” he said.
— Fred Imbert
See the stocks moving after hours
Here are some of the stocks moving after hours:
Oxford Industries — Shares rallied 14.7% after the Tommy Bahama and Lilly Pulitzer parent beat expectations of analysts polled by FactSet for earnings per share, excluding items. Oxford also said it now expected less of a financial impact from tariffs in the current fiscal year than previously expected. However, the company posted weaker-than-expected revenue for the quarter and provided underwhelming guidance for current-quarter earnings.Alibaba — U.S.-listed shares of the Chinese technology stock fell 2%. Alibaba announced a proposed offering of around $3.2 billion in zero coupon convertible senior notes maturing in 2032.
— Alex Harring
Stock futures are little changed
Futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET Wednesday night.
— Alex Harring