Micron Technology rose 3.8% to $153.45 as analysts raised their price targets for the chipmaker ahead of its earnings release next week. Stifel raised its price target to $165 from $145, Wedbush raised its target to $170 from $130 and analysts at Bank of America Securities added the stock to their “US 1 List.”
Tesla shares fell 1.4% following the bankruptcy filing of electric vehicle startup Fisker. Tesla rose 5.3% on Monday, but Al Root of the Year said the main reason for the stock price increase was CEO Elon Musk’s approved compensation package. Barons.
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GameStop Inc. fell 2.1%. GameStop Inc. shares fell 12% on Monday after Chief Executive Ryan Cohen highlighted the video game retailer’s large cash balance and signaled plans to cut costs and shrink its brick-and-mortar store network to focus on profitability.
GE Aerospace rose 1.1%, after rising about 5% on Monday after The Wall Street Journal reported that CEO Larry Culp had turned down the reins at Boeing.
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Commercial aerospace giant Boeing is continuing its search for a CEO after Dave Calhoun announced in March that he would step down at the end of 2024.
Meanwhile, Calhoun appeared before a Senate subcommittee investigating Boeing’s problems on Tuesday. He had to convince lawmakers that the company is making great strides in improving its manufacturing and production processes. Boeing shares fell 1.9%.
Lennar reported second-quarter profits that beat analysts’ expectations and said it delivered 19,690 homes to customers in the period, up 15% from the same period a year ago.
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The company also reported a 19% increase in new orders to 21,293. The stock fell 5% after the company said it expected third-quarter parcel volume to be between 20,500 and 21,000, compared with analysts’ expectations of 20,910.
Silk Road Medical Inc. rose 24 percent to $26.88 after it agreed to be acquired by Boston Scientific for $27.50 a share, valuing the company’s shares at about $1.26 billion.
Lay Ze Boy earned 91 cents a share on an adjusted basis in the fourth quarter, beating analysts’ estimates of 70 cents. Revenue fell 1% to $553.5 million. “Wholesale volumes improved in the quarter, aided by a recovery from the weather and related disruptions in January,” Chief Executive Melinda Whittington said. The company’s shares rose 19%.
Shares in online learning services company Chegg rose 3.5% after the company said it would cut its workforce by 23% and refocus on students, its core customers.
NextEra Energy
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Shares fell 2.6% after the company announced plans to sell $2 billion worth of shares at $50 a unit.
Contact Joe Woelfel at joseph.woelfel@barrons.com.
