Outlook for Wednesday; Micron, General Mills report, impeachment vote

Micron Technology’s hard drive for data center customers is presented at a product launch event in San Francisco, October 24, 2019.

Stephen Nellis | Reuters

Here are the most important things to know about Wednesday before you hit the door.

1. Micron earnings on deck

Micron Technology is set to report its fiscal first-quarter earnings after the bell on Wednesday.

Analysts expect the chip maker to post earnings of 47 cents per share, a significant decrease from $2.97 per share earned in the same quarter a year ago, according to FactSet.

At least two Wall Street firms upgraded the chip maker this week ahead of earnings. Wedbush upgraded Micron to outperform from neutral on Tuesday, saying it saw an improved pricing environment for memory chips.

On Monday, Susquehanna upgraded Micron to positive from neutral, saying it sees an attractive risk/reward for the chip maker.

“We see increased prospects of a sustainable DRAM/NAND average selling price improvement starting in the May quarter and sustaining into 2H20,” a Susquehanna analyst said in a note.

2. General Mills to report

General Mills will post its fiscal second-quarter earnings results before the bell on Wednesday.

The Cheerios maker is expected to report an earnings per share of 88 cents, slightly higher than the 81 cents earned in the last quarter a year ago, according to FactSet.

General Mills has risen nearly 34% this year despite two consecutive sales misses this year. The company is making a big push into the pet food market with last year’s purchase of Blue Buffalo Pet Products.

3. Impeachment vote

The House will vote on Wednesday on two articles of impeachment against President Donald Trump.

The House Judiciary Committee voted along party lines Friday to send two articles of impeachment to the House floor. The chamber charges the president with abuse of power and obstruction of Congress, stemming from efforts to get Ukraine to investigate a top political rival, former Vice President Joe Biden, and his son Hunter.

The Democratic-held chamber is expected to impeach Trump — potentially without any Republican support. The GOP-controlled Senate then plans to hold a trial in January.

Major events (all times ET):

8:30 a.m. State Quarterly Personal Income

9:00 a.m. House due to vote on impeaching Trump

12:00 p.m. Federal Reserve Bank of Chicago President Charles Evans speaks

Major earnings:

General Mills (before the bell)

Micron (after the bell)

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