The trading week ending Friday June 26 was packed with quarterly earnings reports, some beating expectations decisively, others met with skepticism, while the IPO pipeline continued running at full throttle.

Micron: Record Quarter, Sharp Rally, Then Profit-Taking

Micron (MU) reported fiscal Q3 results (ended May) after the close on June 24, delivering one of the biggest beats of the week: revenue of $41.46 billion versus consensus of ~$35.84 billion, and adjusted EPS of $25.11 versus the ~$20.78 analyst estimate. Unrelenting AI-driven demand for memory chips (particularly HBM) and tight supply drove the outperformance.

The initial market reaction was sharp: the stock surged roughly 17% in after-hours and continued rising through the June 25 session. However, on Friday June 26, profit-taking set in, with shares giving back about 6.7%. Analysts nonetheless view Micron as a bellwether for the broader AI and semiconductor narrative heading into peak earnings season.

FedEx: Beat on Revenue and EPS, But Margins Bite

FedEx (FDX) reported its fiscal Q4 results on June 23 with revenue of $25.0 billion (vs. $24.04B consensus) and adjusted EPS of $6.31 (vs. $5.96 consensus). The company also issued positive calendar-year guidance, projecting roughly 11% revenue growth for 2026.

Despite the beat, shares fell ~6% in extended trading. The culprit: margin pressure in the core Express segment and one-time costs tied to the FedEx Freight spin-off completed June 1. Analysts remain constructive on the Network 2.0 cost-savings program but the market wanted more immediate evidence of margin improvement.

The IPO Calendar: Busiest Week in Recent Memory

The week of June 22-26 was unusually dense for new listings:

Doncasters (DPC), the ~250-year-old British precision-castings manufacturer priced at $33 per share (above the $28-$32 range) on June 24, raising ~$919 million in an upsized offering. The deal was reportedly more than 30 times oversubscribed. Shares began trading on the NYSE on June 25.

Sinda Limited (SIND), priced on June 26, raising approximately $213 million.

These join a busy wave of June IPOs that included SpaceX (SPCX), which raised a historic $75 billion at a ~$1.75 trillion valuation earlier in the month, and Quantinuum (QNT), which closed the week at $75.57, up about 26% from its $60 IPO price.

The Mega-IPOs in Waiting: Anthropic and OpenAI Inch Closer

Two of the world's most valuable AI companies continued advancing their IPO preparations. Anthropic confidentially filed its S-1 on June 1 at a valuation of roughly $965 billion. OpenAI followed with a confidential S-1 filed in late May (publicly disclosed June 8), at a valuation exceeding $1 trillion. Neither has set a firm debut date, but the regulatory process is now underway.

Next Week: Nike and the Beginning of Full Earnings Season

The coming week (starting June 29) brings another marquee report: Nike (NKE) releases fiscal Q4 results after the close on June 30. Consensus calls for revenue of ~$10.85 billion (down 2-3% year-over-year) and EPS of just $0.11-$0.13. The stock closed the week at $40.75, near 52-week lows, as investors await signs that CEO Elliott Hill's "Win Now" turnaround plan is gaining traction, particularly in Greater China and wholesale.

The Bottom Line

This week painted a mixed picture: Micron's blowout results reinforced the AI narrative, while the muted response to FedEx and continued weakness in mega-cap tech signaled caution. The IPO market, meanwhile, shows no signs of slowing, with a deep backlog of companies queued up for Wall Street debuts.