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U.S. stock futures, oil prices up after market meltdown Tuesday

14 min ago

U.S. stock futures rose early Wednesday, after a brutal session on Wall Street that pushed the big indexes into negative territory for 2018. Dow industrials futures rose 129 points, or 0.5%, to 24,568, while S&P 500 futures gained 17.1 points, or 0.7%, to 2,657.25 a day ahead of the Thanksgiving Day holiday. Nasdaq-100 futures jumped 62.5 points, or 1%, to 6,594. On Tuesday, the Dow finished down 550 points, while the S&P 500 slid 1.8% and the Nasdaq dropped 1.7% on Tuesday, as investors fretted over earnings and that big decline in tech and Internet shares. Oil prices, which lost nearly 7% Tuesday, also pointed to a bounce for Wednesday, with West Texas Intermediate crude futures up 1.8% to $54.30 a barrel and Brent crude up 1.1% to $63.24 a barrel. The ICE Dollar Index [S: dxy] was off 0.2%. There are "signs that the market is looking oversold, although dip buyers have been burnt a couple of times already this year and may not want to get hit a third time just yet," said Neil Wilson, chief market analyst at Markets.com, in a note to clients.

Trump wanted Justice Dept. to prosecute Clinton, Comey: report

10 hours ago

President Donald Trump wanted to order the Justice Department to prosecute Hillary Clinton and former FBI Director James Comey last spring, the New York Times reported Tuesday. White House chief counsel Don McGahn reportedly talked him out of it, telling Trump he had no authority to order prosecutions and that if he tried to investigate his political enemies, it could lead to his impeachment. The Times said Trump still privately talks about prosecuting Clinton and Comey, and has suggested a second special counsel to investigate them. Trump has publicly accused both Clinton and Comey of breaking the law while not providing any evidence of that, and it is unclear what legal grounds prosecutors would have to investigate either one.

Keysight Technologies stock up 6% after company beats Wall Street views

11 hours ago

Shares of Keysight Technologies Inc. rose nearly 6% in the extended session Tuesday after the electronics company spun off from Agilent Technologies reported fiscal fourth-quarter results that beat Wall Street forecasts. Keysight said it lost $114 million, or 61 cents a share, compared with a net loss of $38 million, or 20 cents a share, in the fourth quarter of 2017. Adjusted for one-time items, Keysight earned $193 million, or $1.01 a share, compared with $135 million, or 71 cents a share, a year ago. Revenue rose 19% to $1.05 billion, compared with $878 million a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 90 cents a share on sales of $1.02 billion. Keysight shares ended the regular trading day down 2.3%.

API data reportedly show an unexpected decline in U.S. crude supplies

11 hours ago

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by roughly 1.5 million barrels for the week ended Nov. 16, according to sources. The API data also showed gasoline supplies climbed by 706,000 barrels while distillate stockpiles declined by 1.8 million barrels, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, analysts surveyed by The Wall Street Journal expect the EIA to report a climb of 1.9 million barrels in crude supplies. They expect supply declines of 400,000 barrels for gasoline, and 2.3 million barrels for distillates. January West Texas Intermediate crude was at $53.40 a barrel in electronic trading. That's little changed from the $53.43 settlement on the New York Mercantile Exchange, which was the lowest finish since October 2017.

Gap stock wavers after company beats expectations, casts shadow over Gap brand

11 hours ago

Shares of Gap Inc. wavered between gains and losses in the extended session Tuesday after the retailer reported third-quarter results that narrowly beat Wall Street expectations and said it remained concerned about its namesake's Gap brand. Its other brands such as Old Navy and Banana Republic reported "solid performance" and sales growth, but Gap same-store sales fell 7%, the company said. Overall, same-store sales were flat in the quarter, compared with a 3% increase last year. Gap said it continues to expect fiscal 2018 sales flat to up slightly. Gap said it earned $266 million, or 69 cents a share, in the quarter, compared with $229 million, or 58 cents a share, in the year-ago period. Revenue rose 7% to $4.1 billion from $3.8 billion a year ago. Analysts polled by FactSet had expected EPS of 67 cents a share on sales of $4 billion. Gap tweaked its EPS guidance for fiscal 2018 to a range between $2.55 and $2.60. The analysts surveyed by FactSet expect a fiscal 2018 EPS around $2.56. Gap shares ended the regular trading session down 3.1%.

Foot Locker stock surges 11% after earnings beat

12 hours ago

Foot Locker Inc. stock surged 11% in the extended session Tuesday after the company beat Wall Street expectations for earnings. The company reported third-quarter net income of $130 million, or $1.14 a share, compared with $102 million, or 81 cents a share, in the year-ago period. Adjusted for items such as changes to the U.S. tax code and litigation, earnings were 95 cents a share. Revenue fell to $1.86 billion from $1.87 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 92 cents a share on revenue of $1.85 billion. For the fourth quarter, analysts model adjusted earnings of $1.35 a share on sales of $2.14 billion; the company said it would discuss its outlook in a conference call Tuesday at 5 p.m. Eastern time. Foot Locker stock has fallen 1.7% this year, with the S&P 500 index rising 0.6%.

Autodesk stock surges after earnings, outlook beat

12 hours ago

Autodesk Inc. shares rallied in the extended session Tuesday after the software company's quarterly results and outlook topped Wall Street views. Autodesk shares surged 9% after hours, following a 2.1% decline to close the regular session at $123.05. The company reported a third-quarter loss of $23.7 million, or 11 cents a share, compared with $119.8 million, or 55 cents a share, in the year-ago period. Adjusted earnings were 29 cents a share. Revenue rose to $660.9 million from $515.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 27 cents a share on revenue of $640.9 million. For the fourth quarter, Autodesk expects adjusted earnings of 40 cents to 44 cents a share on revenue of $700 million to $710 million, while analysts had forecast 40 cents a share on revenue of $689.1 million. The company also announced it agreed to buy construction productivity software company PlanGrid for $875 million in a deal that is expected to close by the end of the fourth quarter.

Stock-market ends sharply lower, erases 2018 gains for Dow and S&P

12 hours ago

Stocks ended sharply lower on Tuesday after the torrid trading session pushed the S&P 500 and the Dow into the red for the year. The S&P 500 was down 1.8% to end near 2,642, according to preliminary figures. The Dow Jones Industrial Average shed 552 points, or 2.2%, to finish around 24,463. The Nasdaq Composite slipped 1.7% to 6,909. The S&P is down 1.2% year-to-date, while the Dow was down over the same period. All components of the blue-chip Dow and all 11 sectors of the broad-market S&P 500 ended lower. Concerns over slower global, U.S.-China trade tensions, and rising interest rates have all weighed on the equity market's momentum.

Trump says he'd like to see lower interest rates as he says Fed is problem

12 hours ago

President Donald Trump on Tuesday said he'd like to see lower interest rates from the Federal Reserve, in his latest criticism of the central bank's gradual tightening of monetary policy. Speaking to reporters as he left the White House for Florida, Trump said he saw more of a "Fed problem" than anything else on a day the Dow Jones Industrial Average and other stock indices dropped precipitously. The Fed is expected to hike interest rates next month and in 2019.

Don't eat romaine lettuce due to E. coli outbreak, CDC warns

12 hours ago

The Centers for Disease Control and Prevention has warned Americans not to eat any romaine lettuce after an E. coli outbreak infected 32 people in 11 states, 13 of whom have been hospitalized. One individual has developed kidney failure as a result, and no deaths have been reported, according to the agency. The E. coli bacteria involved in this outbreak has the same DNA fingerprint as the strain involved in last year's outbreak, also tied to leafy greens, including romaine. Romaine lettuce was likely the source of this new outbreak, and individuals should throw away romaine lettuce of any kind, including whole heads of it and salad mixes that contain romaine, the CDC said. The CDC said it has not been able to identify any common grower, supplier, distributor or brand in this case, which is why its advice is so broad; an investigation is ongoing. Individuals should also wash and sanitize anywhere that romaine has been kept, the CDC advised. Infections in the U.S. began to be reported during the month of October, through the 31st.

Dow tumbles 640 points within the last hour of regular trade, set for ugliest loss in 6 weeks.

13 hours ago

The Dow Jones Industrial Average skidded to session lows Tuesday afternoon, putting the blue-chip benchmark on track to notch its worst daily loss in more than 5 weeks, according to FactSet data. The Dow most recently was down 621 points, or 2.5%, at 24,403, tracking its ugliest day since a 838-point tumble on Oct. 10. The fresh drop for the Dow comes within the final hour of regular trade, which also saw losses accelerate for the other main benchmarks. The S&P 500 index was down 2.1%, on track to close in correction, defined as a decline of at least 10% from a recent peak, while the Nasdaq Composite Index was down 2.1% at 6,882, deepening its slide in correction.

U.S. oil prices drop nearly 7% to settle at lowest in more than a year

13 hours ago

U.S. oil futures dropped Tuesday, with ongoing concerns about a potential glut in global supplies pushing prices to their lowest finish since October of last year. Sharp declines in U.S. benchmark stock indexes contributed to expectations of a weaker economy and a slowdown in energy demand. President Donald Trump, meanwhile, said Tuesday the U.S. remains a “steadfast partner” with the Saudis, despite tensions linked to the killing of journalist Jamal Khashoggi, easing the potential of a disruption to oil supplies from Saudi Arabia. January WTI oil lost $3.77, or 6.6%, to $53.43 a barrel on the New York Mercantile Exchange.

Gold prices mark first decline in 5 sessions

14 hours ago

Gold prices declined Tuesday, pulling back after posting gains in each of the last four sessions, on the heels of a strong rise in the dollar. December gold fell by $4.10, or 0.3%, to settle at $1,221.20 an ounce, as the benchmark ICE U.S. Dollar Index rose 0.7%.

Kohl's shares sink 9% as growth slows

15 hours ago

Kohl's Corp. shares are down 9.2% in Tuesday trading with GlobalData's Neil Saunders raising an alarm about the slowdown in growth demonstrated by the retailer's third-quarter results. Kohl's reported profits and sales that beat expectations and raised its guidance. However, sales growth was 1.3% year-over-year. "[T]here is no denying that growth has slowed - which is a little disappointing given the softness of the prior year numbers when total and comparable sales were virtually flat," Saunders wrote. "The period also coincided with robust consumer spending which, in our view, should have provided a little more upside to the numbers than has been delivered." Chief Financial Officer Bruce Besanko said on the early Tuesday earnings call that the Bon-Ton Stores Inc. bankruptcy would be "especially opportunistic" because of the customer overlap, giving Kohl's the chance to snap up market share. Kohl's shares have rallied nearly 19% for the year while the S&P 500 index is down 1% for the period.

Trump says Saudi crown prince may not have known about Khashoggi killing

15 hours ago

President Donald Trump on Tuesday said Saudi Crown Prince Mohammed bin Salman may not have known about the killing of journalist Jamal Khashoggi. "Our intelligence agencies continue to assess all information, but it could very well be that the Crown Prince had knowledge of this tragic event -- maybe he did and maybe he didn't," Trump said in a statement. Last week, the Central Intelligence Agency concluded the killing of Khashoggi was carried out under the prince's orders, the Wall Street Journal reported. Trump cited Saudi Arabia's status as a major oil producer and purchaser of defense goods from companies like Boeing among reasons the U.S. intends to remain a "steadfast partner" with the Saudis.

S&P Global upgrades Visa rating citing strong financial position and market share

16 hours ago

S&P Global Ratings upgraded Visa Inc.'s long-term rating to AA-minus from A-plus on Tuesday, and said the company's has maintained a strong financial position over years and remained a leader in payment technology. "We expect Visa to continue to report strong earnings growth and stable profitability with low leverage at least over the next few years--benefiting from its well-fortified market positions and a long-term global increase in electronic payments," the ratings agency said in a statement. Visa has grown revenue, EBITDA, or earnings before interest, taxes, depreciation and amortization, at a roughly double-digit compound rate for at least a decade, even as it has had to grapple with regulatory and legal challenges, said S&P. It has also had to face down competition from new fintech players in the payment space. It has done so while maintaining financial discipline and low leverage and has recently resolved material legal issues, it said. "We are raising our ratings on Visa because we expect it to extend its track record of good earnings and strong and stable profitability without any major disruptions from new fintech, regulation, or litigation at least over the next few years," said the statement. The tax revamp from last December has further boosted profitability. Visa's most active bonds, the 3.150% notes that mature in December of 2025, were trading 1 basis tighter Tuesday at 65 basis points over Treasurys, according to MarketAxess. Shares were down 0.5% and have gained 17.5% in 2018, while the Dow Jones Industrial Average has fallen 0.3% and the S&P 500 has fallen 0.4%.

Amazon bids on Disney's 22 regional sports networks: Report

16 hours ago

Amazon.com Inc. is bidding on all 22 regional sports networks that the Walt Disney Co. acquired from 21st Century Fox , CNBC reported Tuesday. Apollo Global Management , KKR , The Blackstone Group , Sinclair Broadcast Group and Tegna have also made first-round bids for the 22 networks, CNBC reported, citing sources familiar with the matter. CNBC added that the second round of bids is expected by the year's end, and due diligence on the bid begins next week. The Department of Justice announced in June that Disney would have to divest the regional sports networks as a condition of its acquisition of large parts of Fox. Shares of Amazon have gained 30% in the year to date, while the tech-heavy Nasdaq has gained 0.9%. The S&P 500 has fallen 0.5%.

Treasury sanctions Russia-Iran oil network for supporting Syria's Assad

16 hours ago

The U.S. Treasury on Tuesday announced sanctions on a network involving the Iranian regime and Russian companies that provide oil to the Syrian government. Treasury Secretary Steven Mnuchin said in a statement that the scheme bolsters the regime of Syrian President Bashar al-Assad and generates money for "Iranian malign activity." Among the targets of sanctions are Syrian citizen Mohammad Amer Alchwiki and his Russia-based company, Global Vision Group. The sanctions freeze assets of the individuals and companies that are under U.S. jurisdiction and bar Americans from doing business with them.

Lawmakers calls for tougher sex-harassment rules for Congress

16 hours ago

Congress should move fast to make lawmakers more accountable when it comes to sexual harassment and discrimination, said a bipartisan group of lawmakers in a letter dated Monday. It's "imperative" that Congress act quickly to pass legislation to reform the Congressional Accountability Act so it includes new critical provisions from a House bill, said the 10 members of the House Committee on Ethics in a letter addressed to Democratic and Republican leaders. The House bill makes a lawmaker personally liable for a settlement related to their conduct. The letter comes just days after the House Ethics Committee formally sanctioned Rep. Ruben Kihuen, a Nevada Democrat, and Rep. Mark Meadows, a North Carolina Republican, over sexual harassment-related allegations.

Cannabis stocks are a green spot in a sea of red after reversing early losses

17 hours ago

Cannabis stocks reversed their early losses Tuesday to trade mostly higher, shrugging off the rout in the broader market which was falling as investors continued to sell off technology and internet stocks. Canopy Growth Corp. led the gainers, adding 2.9% in midmorning trade. Canopy is viewed as one of the stronger players in the new sector, thanks to a $4 billion investment from drinks giant Constellation Brands Inc. . Cronos Corp. was up 3.1%. Tilray Inc. was up 1.8% and Aphria Inc. was up 1.4%. Aurora Cannabis Inc. was up 2.1%, and Green Organic Dutchman Holdings was up 4.1%. The ETFMG Alternative Harvest ETF was up 0.6% and the Horizons Mariujana Life Sciences ETF was up 1%. The S&P 500 was down 1.4% and the Dow Jones Industrial Average was down 1.7%.

Palo Alto Networks stock climbs as Morgan Stanley defends bullish rating

17 hours ago

Shares of Palo Alto Networks Inc. are up 3.1% in Tuesday morning trading after Morgan Stanley analyst Keith Weiss penned a bullish note on the cybersecurity company. "At ~11 enterprise value to calendar 2019 free cash flow, Palo Alto Network represents the best-priced FCF growth within our software coverage group, trading at a discount to low-growth software (Oracle Corp. , Citrix Systems Inc. , Nuance Communications Inc. ) at 13 times and network security peers (Check Point Software Technologies Ltd. , Fortinet Inc. ) at 16 times," he wrote. "While the recent management transition does hold risks, we see room for the multiple (as well as estimates) to move higher" if investors give the company more credit for its potential to grow free-cash flow substantially. Weiss rates the stock at overweight with a $266 price target. Palo Alto Networks shares have slipped 13% over the past month, while the S&P 500 has dropped 3.7%.

Nvidia stock turns positive after Citron turns bullish

18 hours ago

Shares of Nvidia Corp. are up 1.9% in Tuesday morning trading after noted short-seller Citron Research announced on Twitter that it had taken a long position in the stock. "This is the first time in two years [that the] stock offers an appealing risk-reward to investors," the firm said on Twitter. Nvidia is "still a player in AI and data" and "will eat through [its] inventory issue," the tweet said. Nvidia shares were down as much as 7.9% earlier in Tuesday's session prior to the Citron call. Also on Tuesday, Cowen & Co. analyst Matthew Ramsay reiterated his upbeat stance on the company's prospects following recent management meetings but cut his price target to $265 from $320. Nvidia shares have slipped 36% in the past month, while the S&P 500 has lost 4.3%.

The S&P 500 on track to close in correction territory amid Tuesday's rout

18 hours ago

The S&P 500 index on Tuesday was uncomfortably to a close in correction, defined as a decline of at least 10% from a recent peak. The S&P 500 was trading 2.1% lower at 2,634, putting the gauge about 10% from a recent high at 2,930.75 hit on Sept. 20, based on FactSet data. Tuesday's drop for the broad-market benchmark was sweeping, with all but one of its 11 sectors (utilities up 0.5%) trading in negative territory, and losses lead by declines of more than 3% in energy and information technology. Meanwhile, the Dow Jones Industrial Average was down 587 points, or 2.3%, and the Nasdaq Composite Index shedding 2.8% at 6,832.

Dow tumbles nearly 600 points and all main stock-market gauges wipe out 2018 gains as tech shares get rocked

18 hours ago

U.S. stocks on Tuesday sank at the open, with the Dow Jones Industrial Average , S&P 500 index and the Nasdaq Composite Index all erasing their gains for 2018, underscoring a withering rout for stocks since October that has thus far been underpinned by a steady retreat in technology and internet-related stocks. The Dow was down 575 points, or 2.3%, at 24,449, the S&P 500 index sank 2 at 2,637, and the tech-oriented Nasdaq Composite Index retreated a sharper 2.5% at 6,850, declining the sharpest among the main U.S. equity benchmarks. For the year, the Dow was down 1.1%, the S&P 500 showed a year-to-date loss of 1.4%, while the Nasdaq was down 0.8%. Tuesday's tumble comes after disappointment over quarterly results from Target Corp. . Meanwhile, Apple Inc.'s stock was on track to close in bear-market territory for the first time in years, defined as a drop of at least 20% from a recent peak.

Snap planning new, pricier Spectacles glasses with two cameras: report

18 hours ago

Snap Inc. reportedly isn't planning to give up on its goal of becoming a seller of physical cameras, according to Cheddar. The company is preparing to roll out an enhanced version of its Spectacles glasses by year end, Cheddar reported Tuesday. The new glasses would have two cameras, a "more premium frame made of aluminum," and a $350 price tag, according to the report. Snap has been selling cheaper Spectacles glasses for just over two years, but the company had to take a hefty charge because the products weren't selling as well as expected. A Snap spokesman said the company doesn't comment on product rumors or speculation. Its shares are down just 0.3% in Tuesday morning trading, while the tech-heavy Nasdaq Composite Index is off 2.2%. Snap's stock has shed more than half its value over the past 12 months, while the Nasdaq has ticked up just 1.1%.

All 30 Dow stocks fall premarket, led by Boeing and Apple

19 hours ago

The 393-point tumble in Dow Jones Industrial Average futures prices is unanimous, as all 30 Dow components are trading lower in the premarket. The biggest decliner is Boeing Co.'s stock , which fell 4.7% to put it on track to open at the lowest level since Jan. 5. The next biggest loser is Apple Inc.'s stock , which tumbled 3.9% toward a 6 1/2-month low, putting it on track to open in bear-market territory. Among other big decliners, shares of Visa Inc. shed 3.3%, Nike Inc. lost 2.8%, Microsoft Corp fell 2.9% and Home Depot Inc. gave up 2.9%.

Exxon Mobil's stock falls after Raymond James turns bearish

19 hours ago

Shares of Exxon Mobil Corp. dropped 1.9% in premarket trade Tuesday, after Raymond James analyst Pavel Molchanov turned bearish on the oil giant, citing concerns over how the outlook for oil prices will impact the company. Molchanov cut his rating to underperform from market perform. His downgrade comes despite being bullish on oil prices, as he estimates 2019 WTI to rise to $77.50 a barrel; January oil futures are currently down 1.6% early Tuesday to $56.30, down 14% this month. "This is no secret, but it bears repeating: Exxon is one of the least appealing ways to play our bullish oil call, particularly after the painful but in our view transitory oil price selloff over the past month," Molchanov wrote in a note to clients. He said Exxon is viewed by investors as "ultra-defensive" as it has limited leverage to oil prices given its "significant overweight" in downstream and chemicals. Exxon's stock has lost 0.5% over the past three months, while the SPDR Energy Select Sector ETF has lost 8.1% and the Dow Jones Industrial Average has slipped 2.9%.

Shares of Ross Stores down 7.9% in premarket trade after company projects disappointing fourth-quarter same-store sales

19 hours ago

Shares of Ross Stores, Inc. fell 7.9% in premarket trade Tuesday after the company projected disappointing same-store sales for the fourth quarter. The company beat profit expectations in the third quarter, but fell slightly short on revenue. Profit for the third quarter rose to $338.1 million, or 91 cents a share, from $274.4 million, or 72 cents a share, in the year-earlier quarter. The FactSet consensus was 90 cents a share. Revenue was $3.550 billion, falling slightly short of the FactSet consensus of $3.553 billion, but up from $3.329 billion a year ago. Chief Executive Barbara Rentler told investors fourth-quarter store sales would see lower gains of 1% to 2%, compared to 5% last year and below the FactSet consensus of 2.2% growth. "As we enter this year's holiday season, not only are we up against our toughest sales comparisons from 2017, but we are also expecting another fiercely competitive retail environment," she said. The company expects full-year EPS between $4.15 and $4.20 a share. Shares of Ross have gained 13.6% in the year to date, while the S&P 500 has gained 0.6%.

Apple target cut at Goldman amid concerns of 'deteriorating demand'

19 hours ago

Goldman Sachs analyst Rod Hall cut his price target on Apple Inc. shares to $182 from $209 late Monday amid the latest reports of iPhone production cuts coming from the Wall Street Journal. That report suggested "deteriorating demand relative to what the company had initially expected" for the new iPhones, according to Hall's take, and he sees "additional twists" to what was reported. "In addition to weakness in demand for Apple's products in China and other emerging markets it also looks like the balance of price and features in the iPhone XR may not have been well-received by users outside of the U.S.," wrote Hall, who lowered his Apple price target last week as well. He sees "material risk" to the company's March-quarter outlook if demand trends continue on this trajectory though notes that the two weeks before Christmas tend to be strong for iPhone purchase patterns, so dynamics may shift then. Hall has a neutral rating on the shares, which are down more than 3% premarket and on pace to open Tuesday's session in bear-market territory. The stock has risen 9.3% in the past 12 months, as of Monday's close, compared with a 6.8% gain for the Dow Jones Industrial Average .

Western Digital stock falls after Susquehanna downgrade

19 hours ago

Shares of Western Digital Corp. are down 5% in premarket trading Tuesday after Susquehanna analyst Mehdi Hosseini downgraded the stock to neutral from positive. He also lowered his price target to $44 from $120, writing that he's "lost confidence in Western Digital's ability to benefit from [solid-state-drive] substitution of [hard-disk drives]." Hosseini is also skeptical of the company's "ability to manage the downturn" into the next calendar year amid downbeat predictions for the NAND pricing trajectory. "Western Digital is not as 'protected' as other NAND vendors that have more stable high-margin DRAM streams," he wrote. "Said another way, Western Digital competitors Micron, Hynix and Samsung all have higher margin DRAM businesses (currently 60%+ gross margin) which can to some extent offer a cushion for more aggressive NAND gross-margin declines, and help minimize the decline in blended gross margins." Also on Tuesday, Baird analyst Tristan Gerra cut his rating on Micron Technology Inc. shares to underperform from outperform. Micron's stock is off nearly 7% in premarket trading Tuesday. Western Digital shares have lost half their value over the past 12 months, as of Monday's close, while Micron shares have tumbled 23% in that time. The S&P 500 is up 4.2% over the past year.