Watch the closely followed artificial intelligence suppliers today. Micron Technology (MU), which supplies memory chips for computers, posted quarterly results last night. MU stock lost over 8% after issuing guidance that met expectations.
Micron earned $0.62 a share non-GAAP. Revenue of $6.81 billion is up 81.6% Y/Y, an impressive growth rate that failed to impress markets post-earnings. Micron shares were already up by 117.5% YTD before the report, so investors could not expect more.
Appliance supplier Whirlpool (WHR) broke a yearlong downtrend by gaining 17% on Wednesday. Bosch is reportedly considering to bid on the company. The rumors are potentially purely speculative. Short-sellers hold a 13.4% short float against WHR stock.
BlackBerry (BB) shares lost too much in the last year, falling by 53.77%. It posted a $0.03 non-GAAP loss. IoT revenue grew from $49M last year to $53M. Though the stock will open up by 7%, the long-term prospects are uncertain.
Instead of BB stock, investors may consider cybersecurity firms like CrowdStrike (CRWD) and Palo Alto Networks (PANW). The S&P 500 (SPY) added CRWD stock to the index. ServiceNow (NOW) and Zscaler (ZS) are also attractive cybersecurity infrastructure companies. Their long-term growth is sustainable as corporations continue to invest in fortifying their networks from hackers.
