Market Updates
U.S. Movers: AeroVironment, Levi Strauss, Micron Technology, Walgreens
Scott Peters
27 Jun, 2024
New York City
Micron Technology declined 4.6% to $135.74, and the semiconductor company reported better-than-expected quarterly results.
The company also issued a revenue outlook for the current quarter of $7.6 billion, which met some investors' expectations.
Levi Strauss dropped 19% to $19.49 after the jeans maker reported weaker-than-expected quarterly results despite the current strong demand for denim products.
AeroVironment declined 6.5% to $180.75, despite the maker of unmanned vehicles posting better-than-expected quarterly results.
Revenue in the fiscal fourth quarter increased to $197 million, and adjusted earnings per share were 43 cents.
Walgreens Boots Alliance plunged 24.6% to $11.76 after the drug store chain operator said it plans to close a significant number of underperforming stores.
CEO Tim Wentworth said about 25% of its 8,600 stores in the United States are underperforming, and a "significant" number of those 2,100 stores are likely to be shuttered.
Revenue in the fiscal third quarter increased 3% to $36.35 billion and earned $344 million compared to $118 million, and diluted earnings per share rose to 40 cents from 14 cents a year ago.
The drug retailer also lowered its adjusted earnings per share outlook for the fiscal fourth quarter ending in August to $2.80 from $2.95, which was cut from the estimate between $3.20 and $3.35 in March.
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