Today’s Research Reports on Stocks to Watch Micron Technology and ImmunoGen
U.S. markets rose across the board Monday, with the Dow Jones closing at a new all-time high for the 12th consecutive session as investors eagerly await President Donald Trump’s speech to Congress Tuesday, which is expected to provide some details on tax cuts and an overhaul of the health-care system. The Dow Jones Industrial Average gained 0.08 percent to close at 20,837.44, up 5.44 percent year-to-date, while the S&P 500 Index gained 0.1 percent to close at 2,369.75, up 5.85 percent year-to-date.
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“People are ultimately focused on what kind of tone President Trump will strike during his speech on Tuesday,” said Ian Winer, director of equity trading at Wedbush Securities. “The biggest risk to stocks would be a speech that is nationalistic and protectionist, something markets do not like,” Winer said.
"What I’m watching out for is whether his focus is on the pro-growth policies or on the populist message," said Dan Miller, director of equities at GW&K Investment Management.
Let’s Take a Closer Look at Today’s Trending Tickers
Micron Technology’s shares gained 2.24 percent to close at $23.76 a share on Monday. The stock traded between $23.15 and $23.77 on volume of 18.00 million shares traded. Baird analyst Tristan Gerra has recently raised the company’s price target to $35 from $25 and has maintained an “outperform” rating on the stock. Consensus rating on the company’s stock is “outperform”. Micron Technology is scheduled to release results for the second quarter of fiscal 2017 after market close on Thursday, March 23rd. Shares of Micron Technology have gained approximately 8.4 percent year-to-date.
"Supply/demand outlook for both DRAM and NAND remain positive for 2017. Micron’s execution in the ramp of 18nm DRAM is much improved from prior nodes, in our view. Concerns about a 2H17 peak in NAND supply/demand trends are unwarranted, in our view, and we expect tightness throughout the year, notably as 2D capacity needs to be decommissioned in order for 3D capacity to ramp.” commented Gerra.
ImmunoGen’s shares soared 21.03 percent to close at $3.28 a share on Monday. The stock traded between $2.74 and $3.34 on volume 7.75 million shares traded. The company has previously disclosed that effective January 1, 2017, it has transitioned to a fiscal year ending December 31. Revenues for the six month transition period ended December 31, 2016 were $21.5 million, compared to $32.9 million for the six months ended December 31, 2015. For the year 2017, the company expects revenues in the range of $70 million to $75 million, including $28 million of expected upfront and milestone fees from their partners. ImmunoGen recently presented at the 2017 RBC Capital Markets Global Healthcare Conference on February 23rd and is scheduled to present at the Cowen and Company 37th Annual Health Care Conference on March 7th, 2017 at 8:40 am ET. Shares of ImmunoGen have gained approximately 60.8 percent year-to-date.
Today’s Features Includes:
Micron Technology, Inc. (NASDAQ:MU)
ImmunoGen, Inc. (NASDAQ:IMGN)
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