U.S. stocks gained for the fourth day in a row Friday, on track to end the week higher despite Monday's Brexit-related sell-off.
The Institute for Supply Management said its manufacturing index jumped to 53.2% in June from 51.3% in May. Readings over 50% indicate more companies are growing instead of shrinking.
Construction spending fell in May, with weakness mostly concentrated in the public sector, the Commerce Department said Friday.
Stocks on the Move
Share of Micron Technology (MU) fell 10% Friday after the semiconducter maker announced plans for layoffs late Thursday. In addition, Micron reported a net loss of $97 million, or $0.09 a share, on sales of $2.9 billion for its third fiscal quarter; after adjustments, the company claimed a loss of $0.08--these results were below analysts' expectations. Though he notes that we will likely lower our fair value estimate modestly from $23 to $22 per share as we take into account slightly lower near-term projections, Morningstar's Abhinav Davuluri says that we "continue to view Micron as a Best Idea, as near-term headwinds do not thwart our positive view on Micron’s upcoming products that should materially benefit the firm’s financials in fiscal 2017."
Karen Wallace does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.