Market Updates
U.S. Movers: Darden Restaurants, Lamb Weston, Micron Technology
Scott Peters
19 Dec, 2024
New York City
Micron Technology, Inc. plunged 16% to $87.08 after the advanced chipmaker reported fiscal first quarter results that met investor expectations.
However, the company's fiscal second quarter outlook fell short of market expectations.
Lamb Weston Holdings dropped 17.1% to $64.88 after the frozen potato maker reported weaker-than-estimated quarterly results.
Revenue in the fiscal second quarter ending on November 24 decreased 8% to $1.6 billion, and net income swung to a loss of $36.1 million from a profit of $215 million, and diluted earnings per share swung to a loss of 25 cents from a gain of $1.48 a year ago.
The company attributed its profit weakness to higher-than-anticipated manufacturing costs and softer volumes, and the frozen potato maker estimated softness to persist well into the next fiscal year.
The company reduced its fiscal 2025 net sales target range to between $6.35 billion and $6.45 billion, net income between $330 million and $350 million, and diluted earnings per share between $2.30 and $2.45.
Darden Restaurants jumped 14.4% to $182.70 after the operator of The Olive Garden and LongHorn Steakhouse chain reported better-than-expected fiscal second quarter results.
The restaurant company also lifted its annual revenue outlook.
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