Tech and Mining Stocks Surge: Key Gains and Strategic Moves in Q1 2024

1. Agnico Eagle Mines Limited (NYSE: AEM)
Agnico Eagle Mines Limited gained solidly by 4.36%. Agnico Eagle Mines reported Q1 2024 revenue of $18.30 billion and net income of $3.47 billion. CIBC, BMO Capital, Scotiabank, and Citigroup maintained positive ratings with target prices of $101, $77, $81, and $80 respectively.

2. On Semiconductor (Nasdaq: ON)
On Semiconductor gained solidly by 4.23%. On Semiconductor plans a $2 billion expansion of its Czech chip factory, increasing headcount from 1,700 to 3,000. KeyBanc maintains an Overweight rating with an $85.00 target. On Semiconductor reported Q1 2024 revenue of $1.863 billion and profit of $454 million.

3. Micron Technology (Nasdaq: MU)
Micron Technology gained solidly by 4.0%. KeyBanc maintains an Overweight rating on Micron Technology and raises the price target to $165.00. Micron unveils advancements in GDDR7 memory, promising a 30% boost in gaming frame rates. Micron aims to capture 25% of the HBM market by 2025.

4. Microchip Technology Incorporated (Nasdaq: MCHP)
Microchip Technology Incorporated gained solidly by 3.94%. Microchip Technology disclosed various insider transactions in June, with directors Chapman Matthew W and Johnson Karlton D selling shares. The company plans to issue $1.1 billion in convertible bonds to reduce debt, targeting a 0.5%-1% coupon rate and a 25%-30% conversion premium.

5. Advanced Micro Devices (Unknown code: AMD)
Advanced Micro Devices gained solidly by 3.87%. Advanced Micro Devices (AMD) announced a $665 million all-cash acquisition of Europe-based AI lab Silo AI. Silo AI's CEO, Peter Sarlin, will join AMD to lead the team. AMD also plans to launch the Ryzen 7 8745HS processor, a variant of the Ryzen 7 8845HS.