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Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Dan Curtis on a morning with tech stocks in rally mode led by Micron.
Good morning Dan, Good morning Nathan. That's right.
Micron shares are up eighteen percent in pre market edder ticker MU. And that's as the memory companies sales forecast crushed estimates. It sees fifty billion in revenue in the current quarter. Analyst estimates were for forty three billion dollars. Gross margins for the period reported were at eighty five percent,
a record level for the company. Demand for high bandwidth memory goes well out into twenty twenty eight and Micron has secured sixteen strategic customer agreements, and this just shows how much power Micron has went it comes to the table. These agreements average three years in length and can't be canceled. Customers have a minimum amount of volume they pay for, whether they order that much or not, and Micron has collected eighteen billion dollars in upfront cash for those companies
to secure the contracts. That's more than the company's twenty twenty three total revenue.
Absolute blowout period.
And another chip stock of sorts is making news this morning, Dan, I got to tell you this news from IBM is seriously blowing my mind today.
I can't even fathom it.
So IBM shares are up five percent as the tech giant unveiled the world's first sub one nanometer chip. So Moore's law is alive and well today. This chip has a density of one transistor for every point seven nanometers or seven angstrums.
That's the unit used to measure the width of DNA.
Helix says it is three silicon atoms wide. Just absolutely amazing engineering, and that puts nearly one hundred billion transistors onto a chip the size of a fingernail.
It's using new technology.
It's called link nanostack architecture which vertically stacks and staggers the transitions, and IBMC is a path to production and as early as five years out. So a big breakthrough on the chip front this morning.
Eventually the chips are just going to disappear and they're still going to have billions of transistors on them.
It's unbelievable.
I mean, it gets to the point where something called quantum tunneling is coming in and it's going to limit what they can do. Like we're at the quantum level. It's absolutely fascinating.
Yeah, and then only ant Man I'll be able to see it.
Oh, let's get off back on track here though, Dan, because we've got some deal news in the tech space for a company with a ticker symbol that I think a lot of tech companies.
Would kill for absolutely tech.
That's biotechne Merk KGaA that's the one based in Germany is buying the global life science company for seventy three dollars a share in cash that gives a total enterprise value about eleven billion dollars and is sending shares up twenty percent in pre market. They're trading around seventy to fifty, so a few dollars off that offer price. The proposed trans action has been approved by Biotechnic's board of directors,
it still needs shareholder approval and regulatory sign off. That said, it's expected to close later this year or early next year, and Mirk will fund it through existing cash and new debt.
Just time to tell us about the most actively traded stock this morning, and it's not Micron.
It's Wendy's Dan.
Yeah, it is becoming a new meme stock.
The company shares are up sixteen percent, continuing the rally after yesterday's twenty five percent surge, which was the largest in many years. The company has been trending on stock twits and appears to be triggered from a post on Reddit's Wall Street Bets, which was later removed, and it implored members to quote save Wendy's before it was too late.
End quote. This has the markings of mean stock.
It's tumbled over seventy percent in the past three years, and short sellers have piled in two hundred million shares traded hands yesterday. That is twice the amount of the previous record, So a lot of activity in the stock.
This stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app