Micron's record quarter moved nothing

Welcome to LazyListen. This is The Daily Rip for today. Stocks faded into the close Wednesday, marking their sixth loss in seven sessions despite an early rally sparked by cooler-than-expected inflation data.

The S&P 500 slipped two-tenths of a percent, the Dow dropped eight-tenths, while the Nasdaq eked out a modest gain of two-tenths. Market breadth was weak, with only one sector finishing positive—tech, which was up about six-tenths—while staples lagged by one and a half percent. The 10-year Treasury yield settled at five point two six percent, up about 30 basis points on the week, as traders pushed expectations for the next Fed rate hike into December.

On the geopolitical front, an Israel-bound flight made a safe landing after a passenger intervened during an apparent attack by the co-pilot, who was subdued and the plane landed despite the pilot suffering stab wounds. I. space, Micron posted a record quarter but the stock barely moved, Liquidia plunged over fifty percent following a patent ruling, and Cerebras dropped nearly nine percent as a large lockup expiration hit.

Starting with the macro setup, August’s personal consumption expenditures data came in cooler than expected, with core inflation at three percent year-over-year versus the three point three percent forecast. This lighter inflation reading pushed markets to price out a rate hike in October, moving the next Fed move to December. The headline personal consumption expenditures rose three point four percent, also below expectations, while monthly price gains were modest.

However, the data came with a twist: the Bureau of Economic Analysis revised how it measures legal services, software, and portfolio management, which shaved nearly four-tenths off July’s core inflation figure. Alongside this, second-quarter GDP growth was revised upward to two point two percent from one point five percent, showing stronger economic momentum. New York Fed President John Williams echoed the market’s cautious tone, saying there’s no urgency for more hikes after September, though another move later this year remains possible.

I. data centers, phones, and PCs. 2 billion dollars, beating estimates by over three billion, and adjusted earnings per share at thirty-three dollars and forty-two cents, well ahead of the expected thirty-one dollars and sixty-one cents.

Gross margins reached an impressive eighty-seven percent. The company’s outlook remains strong, guiding for sixty-one and a half billion dollars in revenue and thirty-eight dollars and fifteen cents in adjusted earnings per share next quarter, both above analyst estimates. Micron also expects memory supply to stay tight through fiscal 2028, signaling continued demand strength.

Despite this, the stock was flat in regular trading and gained just over half a percent after hours. That muted reaction likely reflects the stock’s massive run this year—up over 270 percent—and some caution around a slightly lower gross margin forecast sequentially. -driven memory boom with wariness about the cyclical nature of the semiconductor market.

In other notable stock moves, Liquidia took a heavy hit, plunging fifty-seven percent after a Delaware federal court ruled that its inhaled drug Yutrepia infringes two patents held by United Therapeutics. While other patent claims were invalidated, these two claims threaten Yutrepia’s commercial reach, particularly its approval for pulmonary hypertension associated with interstitial lung disease. Liquidia plans to appeal and seek FDA label changes, but the risk of sales restrictions is significant.

This ruling casts a cloud over the company’s prospects and explains the sharp selloff. I. model, Gemini 4 Argon, giving early access to government and cybersecurity partners.

Google says Argon improves coding, cybersecurity, multimodal understanding, and professional work applications. The stock gained about one percent Wednesday and another nearly two percent after hours. I.

models competing with OpenAI, Anthropic, and Meta. I. race.

Looking at quick movers and sector themes, semiconductor-related names saw mixed action. Cerebras dropped nearly nine percent as a large lockup expiration made nearly 20 million shares eligible for sale. Reports that OpenAI’s new high-speed service uses Nvidia hardware added pressure, though neither company confirmed a supplier change.

Meanwhile, Synopsys gained almost five percent after announcing a joint effort with OpenAI to build a new chip design tool called GPT-Synopsys, along with a billion-dollar-plus deal with Amazon, which will be the lead customer for Synopsys’ custom silicon IP. I. and semiconductor design.

In the healthcare space, Capricor jumped eleven percent after positive 24-month data showed its experimental Duchenne muscular dystrophy treatment slowed upper-limb decline. Traders are hopeful this could revive the company’s FDA prospects, though some remain skeptical given the open-label nature of the data. I.

data-center demand. 5 billion dollars in revenue, marking Jabil’s worst day in over a year. Finally, looking ahead to tomorrow, keep an eye on earnings from Accenture and McCormick before the open, with Nike reporting after the market closes.

These reports could provide fresh catalysts in tech consulting, consumer staples, and retail sectors. I. and semiconductor plays continuing to dominate headlines amid ongoing macro uncertainty.

Thanks for listening. Catch you next time on LazyListen.