Micron technology (MU)
Micron stock fell more than 1% after the company’s quarterly results after the close of business. The memory chipmaker’s adjusted first-quarter earnings per share of 4 cents beat analysts’ estimates for a loss of 1 penny. Adjusted quarterly revenue was $4.09 billion, down 47% year over year, and missed expectations of $4.13 billion.
President and CEO Sanjay Mehrotra said, “We are taking decisive action to reduce our shipments and expenses.” The company plans to cut headcount by about 10 percent and suspend bonuses in 2023.
Micron expects second quarter adjusted sales to be between $3.6 billion and $4 billion versus Street’s estimate of $3.88 billion.
Year-to-date, the stock is down 45%.
under armor (UA)
Under Armor shares rose in after-hours trading following the announcement of new Chief Executive Officer Stephanie Linnartz, who will join the company as President, CEO and member of the Board of Directors effective February 27, 2023.
Linnartz has been President of Marriott International since 2021. She will succeed Chief Operating Officer Colin Browne, who has served as interim CEO since June 2022.
Browne served temporarily in the top position following Patrik Frisk’s resignation earlier this year. Under Armor shares are down more than 50% this year.
MillerKnoll (MLKN)
MillerKnoll shares soared as much as 5% in after-hours trading after the company beat analysts’ expectations for revenue and earnings.
The furniture and design company reported adjusted earnings per share of 46 cents, beating analyst estimates of 42 cents. Revenue of $1.07 billion beat expectations of $1.04 billion. Higher prices offset a decline in orders for the quarter. The company projects annual cost reductions of approximately $30 million to $35 million.
Year-to-date, the stock is down 53%
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