11:44 AM EST, 12/19/2024 (MT Newswires) -- All three major US stock indexes were up in late-morning trading, bouncing back from a late-afternoon plunge on Wednesday after the Federal Reserve lowered its guidance for interest rate cuts in 2025 to two from four.

In company news, Micron Technology ( MU ) reported fiscal Q1 non-GAAP earnings late Wednesday of $1.79 per diluted share, swinging from a loss of $0.95 a year earlier and above the consensus estimate of analysts surveyed by FactSet calling for $1.76. Fiscal Q1 revenue was $8.71 billion, up from $4.73 billion a year earlier and in line with the FactSet consensus estimate. The chipmaker expects fiscal Q2 non-GAAP EPS of $1.43, plus or minus $0.10, and revenue of $7.9 billion, plus or minus $200 million. Analysts polled by FactSet expect EPS of $1.91 on revenue of $8.94 billion. Micron shares were down 15.6% around midday.

Amazon.com ( AMZN ) workers from seven facilities in New York, Atlanta, San Francisco, Skokie, Ill., and Southern California will begin a strike Thursday, the International Brotherhood of Teamsters said. The union, which represents nearly 10,000 workers at Amazon ( AMZN ) facilities, said the strike is due to "Amazon's ( AMZN ) repeated refusal to follow the law and bargain" with workers. Amazon ( AMZN ) shares were up 2.3%.

Darden Restaurants ( DRI ) reported fiscal Q2 adjusted diluted earnings Thursday of $2.03, up from $1.84 a year earlier and above the FactSet consensus estimate of $2.02. Fiscal Q2 revenue was $2.89 billion, up from $2.73 billion in the year-ago period and above the FactSet consensus estimate of $2.87 billion. The company raised its fiscal 2025 revenue guidance to about $12.1 billion from a range of $11.8 billion to $11.9 billion. Analysts polled by FactSet expect $11.97 billion. Darden shares were up 14.4%.

Lennar ( LEN ) reported fiscal Q4 earnings late Wednesday of $4.06 per diluted share, down from $4.82 a year earlier and below the FactSet consensus estimate of $4.16. Fiscal Q4 revenue was $9.95 billion, down from $10.97 billion in the year-ago period and below the FactSet consensus of $10.06 billion. Lennar ( LEN ) shares were down 5.5%.

Eli Lilly's ( LLY ) tirzepatide injection products Zepbound and Mounjaro are no longer in shortage, the US Food and Drug Administration said Thursday. Eli Lilly ( LLY ) shares were down 0.8%.

Capital One Financial ( COF ) said Thursday that it received approval from the Office of the Delaware State Bank Commissioner to complete its acquisition of Discover Financial Services ( DFS ) and its Discover Bank subsidiary. The deal is expected to close in early 2025, pending approval by both company's shareholders and other closing conditions, Capital One said. Shares of Capital One were up 1.2%, while those of Discover were up 1.6%.

Activist investor Irenic Capital Management has built a stake in government contractor KBR (KBR) and plans to urge the company to separate its business that serves the private sector, The Wall Street Journal reported Thursday, citing people familiar with the matter. KBR shares were up 4.7%.

Price: 87.74, Change: -16.16, Percent Change: -15.55