Closing Bell: Micron Gains, Opendoor Soars, Adobe Gives Strong Outlook

On this episode of Stock Movers:

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, Carol Massar and Tim Stenovec.

- Micron (MU) shares rose the most in four months after analysts touted the chipmaker’s growth potential in the data center market, where artificial intelligence services have stoked demand. Micron, the largest US maker of memory chips, is benefiting from higher-than-anticipated demand that is outstripping production, Danely said. That’s particularly true in the data center area, which accounts for more than half of Micron’s revenue, he said.

- Opendoor (OPEN) shares surged 80% Thursday after announcing the return of its co-founders to the board and a new chief executive officer. The advance marks the biggest one-day gain for the home-flipper turned meme stock on record — continuing its blistering 1,250% run up since mid-July — after the real estate company said co-founders Keith Rabois and Eric Wu will rejoin the board and named Shopify Inc.’s Kaz Nejatian CEO. “It’s everything I could’ve asked for and more. It’s a dream team,” said Toronto-based hedge fund manager Eric Jackson of EMJ Capital Ltd., who had bought Opendoor shares at around 70 cents, in an interview. The stock closed at $10.52 on Thursday.

- Adobe (ADBE) gave a strong quarterly revenue outlook, suggesting that the software maker is seeing a payoff from its investment in AI features.Sales will be about $6.08 billion to $6.13 billion in the period running through November, the company said Thursday in a statement. Analysts, on average, estimated a number at the bottom of that range. Profit, excluding some items, will be $5.35 to $5.40 a share, excluding some items, compared with the average projection of $5.33. The San Jose, California-based company also boosted its annual forecast. Adobe has worked to weave artificial intelligence features, often based on its own generative models, into the company’s industry-standard products like Photoshop. That’s now helping spur growth. Shares initially rose in postmarket trading.

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