NEW YORK, NY / ACCESSWIRE / December 23, 2016 / The post-election rally for the markets has eased as we head into the holidays. The Dow Jones Industrial Average fell 0.12 percent to close at 19,918.88, while the S&P 500 Index declined 0.19 percent to close at 2,260.96. The Dow Jones is up approximately 4.11 percent in December, in comparison the Dow fell 1.66 percent in December 2015. The index is on track to post its largest December gain since 2010, when the Dow Jones Industrial Average rose 5.2 percent. The S&P 500 Index has gained 10.61 percent in 2016, which has beat the 8 percent gain strategist predicted before the start of the year in a Reuters' poll.
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Micron Technology, Inc. (NASDAQ: MU)
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Micron Technology's shares surged 12.68 percent to close at $23.19 a share Thursday. The stock traded between $22.77 and $23.49 on volume of 85.87 million shares traded. The company reported revenues were $3.97 billion for the first quarter of fiscal 2017, an increase of 23 percent when compared to the fourth quarter of fiscal 2016 and an increase of 19 percent when compared to the first quarter of fiscal 2016. For the current quarter, Micron forecasts revenues to be between $4.35 billion and $4.7 billion, whereas Zacks Consensus Estimate was pegged at $3.898 billion for current quarter guidance. Shares of Micron Technology have gained approximately 63.8 percent year-to-date and are up roughly 17.5 percent in the past month.
"Positive market momentum, driven by favorable demand trends and limited industry supply, produced solid results for our first quarter," said Micron CEO Mark Durcan. "We continue to make significant progress on our key technology and product initiatives, and we are pleased to have closed the Inotera acquisition on December 6, 2016, which we expect to further improve Micron's strategic position and financial results."
Red Hat Inc. (NYSE: RHT)
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Red Hat's shares fell 13.89 percent to close at $68.71 a share Thursday. The stock traded between $68.54 and $70.95 on volume of 14.67 million shares traded. The company reported revenues were $615 million for the third quarter of fiscal 2017, up 18 percent year-over-year but fell short of analysts' expectations of $618 million, according to a poll conducted by Thomson Reuters. GAAP net income for the quarter was $68 million, or $0.37 per diluted share, compared to $47 million, or $0.25 per diluted share, a year ago. Revenues for the fourth quarter of fiscal 2017 are expected to be between $614 million to $622 million. Shares of Red Hat have fallen approximately 17.0 percent year-to-date and are down roughly 13.2 percent in the past month.
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