Today's Research Reports on Stocks to Watch: NVIDIA and Micron Technology

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Accesswire 30-Jun-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / June 30, 2017 / NVIDIA has been having a good year so far as mining for cryptocurrency has boosted the demand for chips. Even the recent cyberattacks have been favorable for the company. Although shares fell yesterday there was still significant news for traders to digest including that the company has been called the smartest company in the world by MIT Technology Review. Micron also saw shares fall yesterday although releasing impressive third quarter results that beat what analysts had expected.
RDI Initiates Coverage on:
NVIDIA Corporation https://ub.rdinvesting.com/news/?ticker=NVDA
Micron Technology, Inc. https://ub.rdinvesting.com/news/?ticker=MU
NVIDIA Corporation's shares closed down 3.34% yesterday but here was some big news for the company this week. Apparently Nvidia is the world's smartest company this year. This is according to the MIT Technology Review's annual listing of the 50 smartest companies. The report reads, "Though Nvidia still makes most of its money from selling graphics chips for video games, it has established itself as the leading provider of processing power for AI software, and its newer, AI-related businesses are growing quickly. During its most recent financial quarter, revenues from its data-center and automotive businesses increased by 186 percent and 24 percent, respectively, over the previous year. The company says all the major Internet and cloud-service providers use its chips to accelerate their processes, and a number of large carmakers, including Toyota, are using its autonomous-driving technology."
Speaking of AI, Nvidia just also announced that it has teamed up in a strategic partnership with Volkswagen AG. The partnership is intended to expand Volkswagen's expertise in the field of Artificial Intelligence and deep learning.
Access RDI's NVIDIA Research Report at: https://ub.rdinvesting.com/news/?ticker=NVDA
Micron Technology, Inc.'s shares closed down 2.39% on Thursday on trading volume that was roughly two times larger than usual. It was a big day for the company despite the losses because the chipmaker beat the forecasts in its third quarter earnings report. For the fiscal third quarter, Micron reported net income of $1.65 billion and on a per-share basis reported net income of $1.40. Earnings adjusted for non-recurring costs and stock option expenses came out to $1.62 per share which was way ahead of the $1.49 that analysts according to Zacks Investment Research had been looking for. Revenue of $5.57 billion for the quarter was also higher than the $5.4 billion that the Street was waiting to see.
The company even forecast better than expected profit for the fourth quarter with CEO Sanjay Mehrotra saying, "We expect healthy industry demand to persist into 2018, reflecting broader trends in the data center and mobile markets." He remarked, "Revenue from cloud customers was more than 4-times higher year-over-year." The company expects revenue for the current period to be between $5.70 billion to $6.10 billion and has forecast a profit of $1.73 to $1.87 per share. According to Thomson Reuters, the consensus from analysts was a profit of $1.57 per share on revenue of $5.62 billion. Since the start of the year shares of the company has climbed 44%. At its intra-day high of $32.39, shares were up 159% in the last year.
Access RDI's Micron Technology Research Report at: https://ub.rdinvesting.com/news/?ticker=MU
Our Actionable Research on NVIDIA Corporation (NASDAQ: NVDA) and Micron Technology, Inc. (NASDAQ: MU) be downloaded free of charge at Research Driven Investing.
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