Diamonds and Dogs
The chips keep running. Nvidia was the diamond two days ago. Today's its Micron (MU) up 13% to a new 52 week high thanks to better than expected earnings. The company only beat by 3 cents, but the outlook remains strong. Revenues rose 18.5% year over year to $3.97 billion as sales volume for DRAM and NAND rose 18% and 26% respectively. The good news keeps coming.
Red Hat (RHT) not looking so good. The open source software stock is down 13% to a nine month low following earnings. The company actually beat earnings estimates as revenue and billings missed estimates. Going forward business looks to have slowed. Billings will come in below estimates for the fourth quarter. Earnings will be in line with estimates, but revenue may fall short. Adding to their problems, the CFO Frank Calderoni will be leaving the firm.