News that the U.S. and Iran would sign a peace deal created a built-up demand for stocks to start the week. Over the weekend, the White House, through Truth Social, announced the development. The two countries plan to sign the agreement this Friday.
The bullish sentiment created immense buying momentum in the semiconductor sector. Companies like AMD (AMD), NVIDIA (NVDA), and Broadcom (AVGO) all enjoyed a relief rally. But Micron (MU) stock stole the show. The memory chip supplier’s stock closed at an all-time high of $1,087.99 (+10.84%). Though the memory market does not correlate with Iran's opening of the Strait of Hormuz, that did not stop the stock’s rally.
Fiserv (FISV), a fintech that processes payments, is struggling much like PayPal (PYPL) is. FISV stock lost over 10% after the company announced a CEO transition. It appointed Takis Georgakopoulos as the CEO, effective immediately. This new hire will replace Mike Lyons. Lyons stepped down to take the CEO position at Truist Financial (TFC).
Georgakopoulos held the co-president position at Fiserv’s technology and merchant solutions unit.
Despite reiterating its guidance for the year, the weak adjusted earnings per share ($8.00 - $8.30) growth triggered the stock selling. In addition, Fiserv might have better prospects under the new leader. Lyons had enjoyed a high compensation package of $70 million.
Lyons led the “One Fiserv” turnaround strategy. In that time, FISV stock fell in the last year from a high of $177.36 to close at $47.91.
