Biggest stock movers Thursday: MU, ARMK, and more

Stock futures inched up Thursday morning as market participants eagerly awaited fresh remarks from Federal Reserve Chairman Jerome Powell and the release of the Federal Reserve’s preferred inflation indicator, on Friday.

Here are some of Thursday’s biggest stock movers:

Biggest stock gainers

• Micron Technology (MU) shares surged as much as 15% following better than expected FQ4 results and FQ1 outlook, driven by rising demand for artificial intelligence. “We are entering fiscal 2025 with the best competitive positioning in Micron’s history,” Sanjay Mehrotra said in a statement. “We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.” For Q1, Micron anticipates revenue between $8.5B and $8.9B, with a midpoint of $8.7B, exceeding the $8.32B consensus and adjusted EPS between $1.66 and $1.82, with a midpoint of $1.74, above the $1.52 estimate. Additionally, Micron forecasts adjusted gross margins of 38.5% to 40.5% and operating expenses between $1.07B and $1.1B.
• Aramark (ARMK) shares gained 10% following reports that French food catering firm Sodexo (OTCPK:SDXOF) is considering a potential bid for its US rival. According to the report, Sodexo has been exploring a purchase of Aramark over recent months, although there is no guarantee that a deal will materialize. A potential acquisition could face antitrust scrutiny and would require Sodexo to secure the necessary financing, given Aramark’s market capitalization of approximately $10B compared to Sodexo’s valuation of around $13B.

Biggest stock losers

• H.B. Fuller (FUL) shares plunged over 9% after the company missed consensus expectations in its FQ3 results and revised down the FY2024 outlook as volume growth during the quarter was impacted by slowing market demand in certain durable goods markets in Europe and Asia. Despite the setback, CEO Celeste Mastin emphasized that the company remains on track to meet its long-term EBITDA margin and organic growth targets. The company now projects net revenue growth of approximately 2%, with organic revenue flat year-on-year, compared to the previous guidance of 2%-4% growth. Adjusted EBITDA is expected to range between $610M and $620M, down from the prior outlook of $620M to $640M. Adjusted diluted EPS revised down to $4.10-$4.20, compared to the previous range of $4.20-$4.45, with the midpoint of $4.15 below the consensus of $4.30. FY2024 operating cash flow is anticipated to fall between $325M and $350M.