Closing Bell: Micron Gives Rosy Forecast, Medline Surges in Debut, Nvidia Sinks

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Tim Stenovec and Carol Massar.
On this episode of Stock Movers:
- Micron (MU) the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter, a sign that surging demand and supply shortages are allowing the company to charge more for products. Fiscal second-quarter revenue will be $18.3 billion to $19.1 billion, the company said in a statement Wednesday. Analysts had estimated $14.4 billion on average for the period. Excluding some items, profit will be $8.22 to $8.62 a share, compared with a projection of $4.71. Micron shares rose about 4% in late trading after the results were released. The stock was already up 168% this year, closing at $225.71 on Wednesday.
- Medline (MDLN) shares surged 41% in their trading debut, after the medical supplier raised $6.26 billion in the year’s biggest initial public offering. The shares closed at $41 each on Wednesday in New York, versus the IPO price of $29. Medline, which counts Blackstone Inc., Carlyle Group Inc. and Hellman & Friedman among its backers, sold 216 million shares in an upsized offering that priced near the top of the marketed range. The trading gives the company a market value of about $55 billion, based on the shares listed in its regulatory filings.
- Nvidia (NVDA) settled a lawsuit involving a former engineer who had inadvertently revealed autonomous driving trade secrets that he stole from a previous employer. The accord between the Silicon Valley artificial intelligence giant and a German unit of Paris-based Valeo SE was disclosed in a filing in federal court in San Jose, California. No details of the agreement were provided. A trial set for next month was canceled. Nvidia shares were lower in trading on Wednesday.

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