AMD, NVIDIA stock up 1.36% following Micron report

Advanced Micro Devices, Inc. AMD and NVIDIA Corporation NVDA are trading 1.36% to $95.85 and 1.83% to $268.92, respectively, Wednesday afternoon.

Shares of semiconductor companies are trading higher in sympathy with Micron, which said customer inventories have declined in several end markets.

What is going on with Micron?

Micron reported quarterly losses of $1.91 per share, which was not the analyst consensus estimate of a loss of 81 cents.

The company reported quarterly sales of $3.69 billion, which was a shortfall from the analyst consensus estimate of $3.72 billion by roughly 1%. This sales figure represents a 52.6% decrease over sales of $7.79 billion in the same period last year.

Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment. Sanjay Mehrotra, President and CEO of Micron, said that customer inventories are getting better, and that they expect gradual improvements to the industry's supply-demand balance.