Nasdaq-100 futures fell 0.7% early Thursday while Dow Jones futures edged up 0.2%, as artificial-intelligence memory-chip stocks Sandisk and Western Digital plunged on their latest earnings. Both beat Wall Street's profit estimates, but Sandisk still fell on an in-line outlook, and Western Digital dived even further despite topping forecasts.
Nasdaq-100 futures dropped 0.7% early Thursday. Dow Jones Industrial Average futures moved the other way, rising 0.2% while S&P 500 futures gained 0.1%. The divergence came as artificial-intelligence memory-chip stocks Sandisk and Western Digital plunged on the stock market today after their respective earnings reports.
Sandisk, Western Digital Slide Despite Beating Estimates
Sandisk stock plunged nearly 11% after the memory-chip maker beat Wall Street's targets for its fiscal fourth quarter on strong AI data-center demand, but it disappointed investors with an in-line outlook. Western Digital, however, dived 15% even though the hard-disk drive maker's results topped estimates.
The company said adjusted earnings climbed 109% to $3.56 per share, above the $3.31 per share analysts polled by FactSet had forecast. Sales rose 44% to $3.75 billion, ahead of the $3.7 billion analysts expected.
Dow Movers: Apple And Chevron Gain, Salesforce And Microsoft Slip
Inside the Dow, Apple and Chevron each rallied roughly 1% in premarket trading. Salesforce moved the other way, selling off 5% in early trading. Microsoft shares traded down 0.7% after its recent post-earnings breakout.
Jobless Claims Tick Higher Ahead Of Jobs Report
Initial jobless claims rose to 199,000 Thursday, just below the 201,000 that had been expected. Claims had climbed 9,000 to 197,000 the prior week.
The report lands ahead of Friday's July jobs data. The economy is anticipated to have added 88,000 jobs in July. The unemployment rate is expected to hold at 4.2%.
Source: Investor's Business Daily
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