On Monday, Shares of Micron Technology, Inc. (NASDAQ:MU), lost -5.70% to $14.06, following several negative notes from analysts ahead of the chipmaker’s fiscal fourth quarter earnings report, which is due after the market closes on Thursday.
Wedbush Securities lowered its price target for Micron to $17 from $19, maintaining its “neutral” rating for the company in a note to investors. Wedbush analyst Betsy Van Hees said she believes the DRAM oversupply is bottoming out, but that it isn’t there yet.
“We are concerned that the near-term spot PC DRAM pricing stabilization could be short lived as the uplift from typical holiday seasonality in CQ4 is looking to be muted due to weak PC and mobile demand affected by macro uncertainty,” Van Hees wrote. “We look for MU’s FQ4 results to miss and a guide down for FQ1.”
Nomura also anticipates Micron to forecast results below the consensus for November, according to Barron’s. The analyst firm agrees that we haven’t reached the bottom of the DRAM oversupply.
Micron Technology, Inc. is a global provider of semiconductor devices. Through the Company’s global operations, it manufactures and markets a full range of Dynamic Random Access Memory (DRAM), NAND Flash and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, automotive, industrial, embedded and mobile products.
Shares of Visa Inc (NYSE:V), declined -4.84% to $67.27, during its last trading session.
Visa Canada and The Princess Margaret Cancer Foundation teamed up for a pilot project that enables the first contactless donations in Canadian fundraising history using a standalone smartphone. Armed with Mobeewave technology-enabled phones backed by Global Payments, Foundation staff is collecting donations from players re-registering for next year’s tournament at the annual Road Hockey to Conquer Cancer tournament at Toronto’s Woodbine Race Track.
Unlike other mobile point of sale solutions that require add-on equipment (i.e. a reader or dongle), Mobeewave’s technology fully and securely converts a standalone, commercially-available NFC (near field communication) smartphone into a mobile payment acceptance terminal using only software. Supported by Global Payments, the pilot project accepts and securely processes payments from Visa payWave contactless cards and wallets.
The pilot project is taking place at the Road Hockey to Conquer Cancer event, which runs from dawn to dusk at Woodbine Racetrack in Toronto. The event features more than one hundred teams and thousands of participants playing five games of road hockey each with family and fans cheering on the sidelines. Through the previous four years in which the event has taken place, more than $9 million has been raised for cancer research at the Princess Margaret Cancer Centre, one of the top five cancer research centres in the world.
Visa Inc. is a payments technology company. The Company is engaged in operating a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions across the world. The Company provides its services to consumers, businesses, financial institutions and governments in more than 200 countries and territories for electronic payments.
Shares of Chevron Corporation (NYSE:CVX), declined -2.45% to $75.79, during its last trading session, as falling crude prices negatively affect the oil sector.
Fluctuating U.S. equity prices, in addition to weak economic data out of China is causing crude prices to fall Monday.
Also hurting oil prices recently are comments from New York Federal Reserve President William Dudley suggesting that the U.S. Federal Reserve could raise interest rates sometime this year.
Industry standard Brent crude for November delivery was down by 2.51% to $47.38 per barrel while West Texas crude for November delivery was down by 2.63% to $44.50 per barrel.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates. The Company operates through two segments: Upstream and Downstream. Upstream operations consist primarily of exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil through international oil export pipelines; transporting, storing and marketing natural gas, and operating a gas-to-liquids plant.
Finally, Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), ended its last trade with -4.15% loss, and closed at $56.88.
Teva Pharmaceutical Industries, declared the approval by the Japanese Ministry of Health, Labour and Welfare (MHLW) of once-daily COPAXONE® (glatiramer acetate injection) 20mg injection for the prevention of relapse of multiple sclerosis . The product will be commercialized in Japan by Takeda Pharmaceutical Company Limited (Takeda).
In Japan, glatiramer acetate was developed as an Unapproved New Drug by Teva Pharmaceutical K.K., a wholly owned partner of Teva, at the request of the MHLW. In March, 2013, Takeda and Teva signed a contract in which Teva granted Takeda the right to commercialize COPAXONE® in Japan.
The Japanese approval for COPAXONE® is based on the safety and efficacy results of an open-label, 52-week clinical trial conducted by Teva Pharmaceutical K.K. in patients with relapsing-remitting multiple sclerosis in Japan in addition to the pivotal trial data sets used for approvals in other countries.
Teva Pharmaceutical Industries Limited (Teva) is a global pharmaceutical and drug company. The Company’s generic products cover almost every major therapeutic area. The Company operates its business in two segments: Generic medicines, which manufactures and sells generic pharmaceutical products in several dosage forms, including tablets, capsules, injectables, inhalants, liquids, ointments and creams, and Specialty medicines, which delivers solutions to patients and providers via medicines, devices and services.
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