
Jabin Bastian 2023/03/29 8:36pm
What Happened: Shares of semiconductor equipment maker Lam Research (NASDAQ:LCRX) jumped 5.02% in the afternoon session after memory chipmaker, Micron, reported earnings for the latest quarter. While the results trailed the consensus estimates for revenue and operating profits, Wall Street analysts noted that the semiconductor company had faced a steeper slump than anticipated, but signs of a rebound are emerging. The outlook from the company was optimistic, with Sanjay Mehrotra, the chief executive, affirming his "confidence" in the long-term demand scenario and envisaging "gradual improvements" in the industry's supply-demand equation. The stock reaction suggests that the market is putting more weight on longer-term risk/reward than near-term cyclical results. ... Continue Reading