Micron Technology experienced a remarkable 18.5% increase in its stock price after reporting third-quarter earnings of $25.11 per share, significantly surpassing the $20.78 expected by analysts. The company's revenue surged to $41.46 billion, up from $9.3 billion a year earlier, exceeding the anticipated $35.85 billion.
Qualcomm's shares rose 11% following its announcement to nearly double its 2029 non-handset revenue projection to $40 billion, alongside a target of $15 billion in data center sales. Memory stocks also saw gains, with Sandisk up 15.6%, Western Digital rising 13%, and Lam Research increasing by 6%.
IBM's stock gained 3% after it introduced a groundbreaking chip technology capable of producing chips smaller than one nanometer, which is expected to enhance capabilities for generative AI and cloud infrastructure. Wendy's shares surged 13%, contributing to a nearly 32% increase for the week, driven by retail enthusiasm.
In contrast, Darden Restaurants' stock fell 3.4% after mixed fiscal fourth-quarter results, with adjusted earnings exceeding expectations but revenue falling short. The company's full-year EPS guidance also missed consensus estimates. Trip.com saw a 12% decline in its U.S.-listed shares after its fourth-quarter earnings and revenue did not meet expectations.
Bio-Techne's stock rallied 20% following its acquisition agreement with Merck at $73 per share. Dollar Tree's shares dropped 3.6% after announcing a major shareholder's block trade, although the company plans to repurchase $500 million of its stock post-trade.
McCormick reported second-quarter adjusted earnings of 80 cents per share, beating the expected 69 cents, and its revenue of $1.94 billion also exceeded estimates, resulting in a 3% stock gain