Micron Week Begins With Bears, Buyers, and Big Bets

Earnings in Focus

This is the most important earnings week of June. MU reports Q3 results on Tuesday after the bell. The $1.28 trillion chip giant has just 3.3% of its float shorted. Analysts lifted the consensus target to $1,009 this week — a 4.5% jump. Options positioning backs the bulls. That combination of low short interest, rising targets, and call activity makes Micron the week's most closely watched print.

Today brings FDX and CCL. FedEx Q4 results come after the close, with freight volumes acting as a proxy for US economic health. Carnival posts Q2 this morning — short interest sits at just 2.4% of free float.

Short Sellers on the Move

SHAZ (SharonAI Holdings) saw the week's most dramatic short interest move. Bears pushed SI from 12.7% to 54.6% of free float in seven days. Availability has dropped to just 5%. WOLF (Wolfspeed) remains the extreme case — short interest at 103.5% of free float with zero availability. Separately, SITE (SiteOne Landscape Supply) heads into its Q2 print with short interest up 41% in one month.

Financials and Chips Get Analyst Love

Wall Street delivered a broad upgrade wave across banks. Targets rose on BAC, GS, MS, STT, and CFG in a single session. BNY drew initiations from 13 firms with a consensus target of $145.

Europe: Crypto and Macro

The Bank of England diluted its stablecoin rules, proposing a £40bn issuer cap. Fed Chair Warsh's move away from forward guidance is rattling investors. Traders see more bond market volatility ahead as the dot plot disappears.