Stocks making the biggest moves midday: Micron Technology, AutoZone, Qualcomm, Oklo & more
📈 Micron Technology shares surged nearly 18% to a new high, pushing its market cap toward $1 trillion.
💰 UBS raised its price target on Micron to $1,625 from $535, suggesting the stock could more than double.
🚀 Semiconductor stocks rallied broadly, with the VanEck Semiconductor ETF (SMH) gaining over 3% to a new 52-week high.
💾 Western Digital and Advanced Micro Devices added nearly 9% and 6% respectively in the semiconductor sector.
☢️ Oklo shares rose 6% after the Department of Energy selected it for discussions on using Cold War-era plutonium as nuclear fuel.
🤝 Oklo announced a partnership with European developer Newcleo to produce the new nuclear fuel.
❄️ Modine Manufacturing jumped 16% following a $4 billion agreement through 2029 with a strategic data center customer.
🔥 The deal involves Modine providing its Airedale cooling solution for the customer's data center needs.
📱 Qualcomm gained 3% after Bloomberg reported a chip supply deal with ByteDance (TikTok) for AI data centers.
🚗 AutoZone shares dropped more than 10% after CEO Phil Daniele warned of challenges in international sales.
💵 Despite the stock drop, AutoZone posted third-quarter revenue of $4.84 billion and earnings of $38.07 per share.
💉 Eli Lilly gained 1% after announcing the acquisition of three companies to expand its infectious diseases portfolio.
🏎️ Ferrari shares fell almost 6% following the launch of its first fully electric vehicle, the Luce, in Rome.
🔧 Lear Corp shares rose 2% after TD Cowen upgraded the stock from hold to buy due to strong North American auto production outlook.
🚀 Space stocks rallied, with Intuitive Machines up 14% and AST SpaceMobile gaining 19%.
🛰️ Cantor Fitzgerald is bullish on space stocks citing a $90 million contract awarded to Rocket Lab by the U.S. Space Force.
- Micron Technology shares popped nearly 18% to touch a new high, lifting its market capitalization to $1 trillion.
- UBS raised its price target on Micron to $1,625 from $535, suggesting shares could more than double from Friday's close.
- Micron shares have gained more than 800% in the past 12 months, demonstrating strong long-term momentum.
- The VanEck Semiconductor ETF (SMH) gained more than 3% to touch a new 52-week high on broad chip stock strength.
- Oklo shares rose 6% after the Department of Energy chose it for advanced discussions on using Cold War-era plutonium as fuel for nuclear reactors.
- Modine Manufacturing shares jumped 16% after announcing a $4 billion agreement through 2029 with a strategic data center customer for its Airedale cooling solution.
- Qualcomm stock gained 3% after reaching a deal with TikTok owner ByteDance to supply chips for the company's artificial intelligence data centers.
- AutoZone exceeded quarterly earnings expectations of $36.22 per share with actual earnings of $38.07 per share, despite missing revenue estimates.
- Eli Lilly is acquiring three companies—Curevo, LimmaTech Biologics AG and Vaccine Company—to build its infectious diseases portfolio.
- Space stocks rallied broadly, with Intuitive Machines up 14% and AST SpaceMobile gaining 19% on positive sector news.
- AutoZone shares dropped more than 10% after CEO Phil Daniele warned that international sales were challenged in the most recent quarter.
- The company posted third-quarter revenue of $4.84 billion, which missed the FactSet consensus estimate of $4.86 billion.
- Ferrari's U.S.-listed shares fell almost 6% following the launch of its first fully electric vehicle, the Luce.
