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Thursday's Trades: Intel, Micron, Freeport McMoRan, and More

Intel (INTC) is on the verge of breaking below the $40 level after the firm disclosed a $7 billion operating loss in its foundry business. The unit generated revenue of $18.8 billion last year. INTC stock lost 8.22% to close at $40.33.

In the AI-related sector, memory supplier Micron Technology (MU) closed at a fresh new high of $128.01. Servers that power AI need high-speed memory. As demand accelerates for HBM chips, Micron is the sole beneficiary.

In the mining sector, Freeport McMoRan is the trade of the day. The stock will start the morning at a 52-week high of $49.61. China posted stronger exports and rising consumer prices. Markets anticipate a rebound in the Chinese economy. Its official manufacturing purchasing manager’s index is at levels not seen in a year. Mining investors may also consider Cleveland-Cliffs (CLF), an iron ore supplier, and Albemarle (ALB), a lithium miner.

Avoid problematic firms like Sibayne Stillwater (SBSW). In its full-year 2023 report, the firm posted a $2.03 billion net loss. It took a $2.58 billion impairment charge. When it raises capital on falling metal prices, it will punish its longtime shareholders.

In the internet retail market, GameStop (GME) is on a downtrend while Etsy (ETSY) may rise. Elliott Investment Management’s managing director, Jesse Cohn, pitched Etsy as a stock with significant, multi-year upside. The firm holds a 13% stake in ETSY stock.