Today's Morning Movers and Top Ratings: MU, BA, SPOT, LLY and More

Movers and Shakers wrote a column · Dec 21, 2023 07:25

Morning Movers

Gapping up

$Micron Technology(MU.US)$ Chipmaker Micron's shares jumped 6.3% before the bell on Thursday after it predicted strong recovery in supply-demand balance for memory and flash storage in 2024.

The company's quarterly results on Wednesday exceeded market expectations and it forecast a strong February quarter in a clear sign that memory chip prices will improve next year to recover from a months-long downturn. Micron also said it was in "the final stages" to qualify its high-bandwidth memory chips for use in Nvidia's most powerful AI platforms.

$Boeing(BA.US)$ Boeing is set to restart deliveries of its 787 Dreamliner to China within days, a source told Reuters, a step that could pave the way for China to also end a more than four-year freeze on deliveries of Boeing 's profit-making 737 MAX. Juneyao Airlines, a privately-owned Chinese carrier, will receive in Shanghai a new 787 Dreamliner from Seattle, the source familiar with the matter said.

Boeing shares were up 1.8% in premarket trade.

$Spotify Technology(SPOT.US)$ stock rose 2.2% after Pivotal Research upgraded the music streaming company to ‘buy’ from ‘hold’, citing improved forecasts for EBITDA and free cash flow, the potential for significant margin expansion, and its capability to increase prices without losing customers significantly.

$Salesforce(CRM.US)$ stock rose 1.9% after Morgan Stanley upgraded the cloud-based software company to ‘overweight’ from ‘equal weight’, citing a number of key growth drivers including effective price hikes, innovative solution bundling, and the Data Cloud service for Generative AI applications.

Gapping down

$BlackBerry(BB.US)$ stock fell 3.9% after the Canadian technology firm outlined a conservative financial outlook for its current quarter..

Source: CNBC; Investing.com

US Top Rating Updates on 12/21