Equity markets displayed mixed sentiment Wednesday morning, June 24, as traders attempted to regain momentum following Tuesday’s technology-focused selloff that rattled investor confidence.
Nasdaq 100 futures advanced 0.5% during early morning hours, with market participants returning to artificial intelligence-related equities that experienced significant pressure during the previous session.
Micron Technology surged 3.7% in pre-market activity as market participants anticipated the company’s fiscal Q3 financial results, scheduled for release after Wednesday’s closing bell. These earnings figures are expected to provide crucial insights into sustained demand from artificial intelligence workloads.
Qualcomm shares jumped 2.3% following a Reuters report indicating ongoing negotiations to provide customized processors to ByteDance, TikTok’s parent organization. The chipmaker declined to provide official commentary on the matter.
Advanced Micro Devices posted a 1.3% increase, Intel shares moved up 1.5%, and Super Micro Computer added 1.8%, all participating in the broader artificial intelligence sector rebound.
KB Home shares climbed 4% after the residential construction company delivered second-quarter revenue figures exceeding Wall Street forecasts. Management maintained its annual guidance consistent with analyst projections, highlighting that 73% of net orders originated from its custom-build program.
ICON, the clinical trials organization, jumped 6% following first-quarter performance that surpassed expectations. The company reported adjusted earnings of $2.50 per share, generated $2.03 billion in revenue, and expanded its project backlog to $22.7 billion.
Cerebras Systems declined approximately 11% notwithstanding impressive quarterly performance. The AI chip company reported 94% year-over-year revenue expansion to $193.4 million, while posting a smaller-than-anticipated per-share loss.
The market responded negatively to management’s second-quarter gross margin forecast of 36% to 38%, representing a significant decline from the 47% margin achieved in the opening quarter. This margin deterioration overshadowed announcements of a major OpenAI contract valued above $20 billion and a strategic collaboration with AWS.
Cerebras provided annual revenue projections ranging from $855 million to $865 million, suggesting approximately 69% growth at the median estimate.
FedEx shares declined over 6% despite fourth-quarter performance that exceeded certain metrics. The logistics giant reported 13% year-over-year revenue growth to $25 billion, with adjusted per-share earnings of $6.31 beating analyst forecasts.
The stock’s decline centered on forward guidance. Management projected fiscal 2026 earnings per share between $16.90 and $18.10, with the midpoint trailing Wall Street consensus expectations.
The report also marked FedEx’s inaugural earnings announcement following the completion of its freight division separation earlier this month.
Wendy’s shares skyrocketed 26% following social media activity on Reddit’s WallStreetBets community encouraging members to purchase the fast-food operator’s stock. This movement mirrors previous instances of retail investor-driven equity surges.
The post Wednesday’s Stock Movers: Micron, Qualcomm Rally While Cerebras and FedEx Decline appeared first on Blockonomi.
