Options Market Statistics: Micron Stock Rallies After Hours as Results Beat Expectations, Options Pop

Micron shares rallied after hours after the chipmaker reported fiscal third quarter revenue that beat analyst estimates. The company reported $3.75 billion of revenue for the quarter, above the $3.65 billion analysts polled by FactSet expected. Losses were also smaller than expected, at $1.43 per share on an adjusted basis, compared to $1.61 expected by Wall Street.

SoFi's business took a hit from the continued extension of the pause on student loan repayments. Further, rising interest rates took a toll on its home loan originations. In addition, the recent banking crisis posed challenges for the financial services company. However, the pause on the student loan repayment is coming to an end in September, implying that SoFi could witness an uptick in loan originations. While student loan refinance volumes are expected to recover, SoFi indicated that it doesn't expect the revenue from student refinancing to reach pre-pandemic levels in 2023.

SoFi's balance sheet remains strong despite macroeconomic weakness. Its deposits grew by $2.7 billion quarter-over-quarter and exceeded $10 billion in total deposits. Impressively, over 90% of its consumer deposits come from "sticky direct deposit members," according to the company's CEO. Further, 97% of its deposits are insured. SoFi's cash and cash equivalents increased by $1.1 billion to $2.5 billion in Q1. Additionally, its on-balance sheet delinquency rates and charge-off rates were healthy at the end of the first quarter and remained below pre-COVID levels.