Hot Stocks: MU rises on analyst comments; VZ climbs on CEO remarks; SGH earnings; PHAT plunges
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With the major U.S. averages bouncing back from recent weakness, Micron (NASDAQ:MU) represented one of the high-profile gainers in Wednesday's midday action. The stock rallied after an analyst gave an optimistic forecast for the memory chip market.
Verizon (VZ) was another notable gainer in intraday action, as comments from the firm's CEO sparked buying interest. At the same time, SMART Global (SGH) rallied on earnings news.
On the other side of the spectrum, Phathom Pharmaceuticals (PHAT) lost more than a quarter of its value following a regulatory setback.
Gainers
Micron (MU) rose in midday trading, climbing by more than 7% following upbeat analyst commentary. Daiwa said the memory chip market could be bottoming after a deep downturn.
"While we look for an improving memory cycle in 2023 and rise in DRAM prices in [second-half of 2023], investor sentiment will likely remain conservative in early [first-quarter] amid sizeable losses for memory suppliers," analyst SK Kim wrote.
Verizon (VZ) experienced midday gains as well, bolstered by comments made by the telecom giant's chief executive. CEO Hans Vestberg reported that the firm had net subscriber additions in Q4 and said VZ would look to cut spending in 2023. Shares rose 3% on the news.
Better-than-expected earnings news prompted a rally in SMART Global (SGH), which rose by about 6% in intraday action. The technology firm, which makes products for markets like memory solutions and LED, recorded a quarterly profit that breezed by analysts' expectations. 
The company's revenue edged lower by nearly 1%, but the decline was not as steep as experts have expected. At the same time, SGH reported an improvement in its margins.
Decliner
Shares of Phathom Pharmaceuticals (PHAT) fell off a cliff following an unfavorable regulatory development. The U.S. Food and Drug Administration informed the company that it will not issue a decision on PHAT's new drug application for vonoprazan by the previously scheduled date.
The application sought approval for the product for erosive esophagitis. As a result of the delay, vonoprazan will not launch in Q1 as planned. Hurt by the setback, PHAT dropped 29% in midday trading.

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