Investors decided to resume buying U.S. equities last week, prompted by optimistic mood that additional vaccine rollouts will make the profitability for the companies that were hardest hit by the pandemic grow rapidly.
Last Thursday Biden shared a new COVID vaccination plan: 200 million vaccines had been distributed within his first 100 days as a president. As of Friday, 100 million vaccinations have already been administered since Biden’s Jan. 20 swearing-in.
The reopening economy increases demand for cyclical stocks, e.g., banks and energy companies, we’ve shared a stock which could see some momentum after its recent earnings report, planned to be announced this week, amid company-related developments.
Chipmaker Micron Technology (NASDAQ:MU) is one more stock ready to report earnings on Wednesday, March 31st, after the market closes. The storage chip manufacturer is projected to have made $0.93 in profit per share on $6.16 billion in revenue for its FY2021, second-quarter.
The largest U.S. producer of computer memory chips, the Boise, Idaho-headquartered company shared its forecast for revenue and earnings for the last quarter as sales got an increase from higher demand for memory chips applied in phones and computers.
Micron’s memory chips are utilized to assist process and store data in any device from smartphones to supercomputers. Exclusivity in the supply of dynamic random access memory chips, or DRAM, coupled with high demand implies that the industry will most surely be unable to fill all orders for the rest of 2021, Chief Financial Officer Dave Zinsner shared at a Morgan Stanley conference in March.
Micron shares have boosted 17% this year, finishing trading at $87.99 on Friday, up about 5% for the day.