(News Bulletin 247) – The New York Stock Exchange posted strong gains on Wednesday, driven in particular by encouraging forecasts from Micron and Infineon. The Dow Jones thus took 1% to 32,718 points, while the Nasdaq Composite rose 1.8% to 11,926 points.

Micron Technology jumped 7.2% after lackluster quarterly results, but prospects deemed more promising, which “suggests that the fundamentals of the sector are not far from touching a low point”, according to an analyst.

As expected, falling DRAM and NAND memory prices hurt Micron’s performance last quarter, but the group said it expects a return to growth as its customers’ inventories normalize.

Similarly, in Europe, German chipmaker Infineon (+6.9% in Frankfurt) also raised its forecast due to resilient business momentum in its main business segments of automotive and industrials. .

In their wake, American stocks in the semiconductor sector had the wind in their sails, like the giant Intel (+7.6%) which pulled the Dow Jones up, or even the equipment manufacturer Applied Materials (+3%).

Delta Airlines gained 2.6%, helped by favorable comments from Jefferies which reaffirmed its ‘buy’ recommendation on the stock, its favorite among American airlines, despite a price target lowered from 45 to 40 dollars.

Macy’s lagged behind (+0.2%), while the department store chain indicated that Tony Spring, the CEO of its subsidiary Bloomingdale’s, will succeed Jeff Gennette as CEO of the group, the latter planning to take over his retirement in February 2024.

Copyright (c) 2023 News Bulletin 247. All rights reserved.