G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Trading Idea of the Day
NYSE:MU - Micron Technology Inc - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Micron has faced some difficulties over the past few quarters. In what can be described as an imperfect storm for the RAM and data storage chip provider, the company’s revenues, gross margin and profit margin all declined as the company continued to face rising operating expenses.
- EPS has come off significantly, with the company only posting earnings per share of $1.35, far less than the $2.34 it posted in the previous quarter or the $2.39 it posted in the same quarter last year.
- To address some of these factors, the company made significant reductions to the capital expenditure, expected to come down 30% to around US$8 Billion. These reductions are set to negatively impact the current year's costs but are expected to improve their economic condition in due time, as it’ll bring supply and inventory closer to where the industry demand is.
- While Micron’s end consumers in both a commercial and retail sense are finding it tough, with consumer PC demand and commercial data centre demand dropping due to supply constraints, improving supply conditions will help improve Micron’s position.
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Apple valued more than Amazon, Alphabet and Meta combined
Podcast of the Day: Portfolio manager Michael Kao’s dollar wrecking ball theory
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 7:30am AEDT
EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall higher base metal prices.
Global Markets Headlines
In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents (CNBC)
Berkshire Hathaway’s operating earnings jump 20%, conglomerate buys back another $1 billion in stock (CNBC)
Twitter co-founder Dorsey apologizes for growing the company ‘too quickly’ in wake of mass layoffs (CNBC)
China posts 6-month high Covid count as it sticks with strategy (CNBC)
Why Apple raised the price of the iPhone, but not in the U.S. and China (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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