Weekly Equities Outlook: Micron Technologies, FedEX & Berkeley Group

FedEx Q4 Earnings Preview

FedEx is set to report quarterly earnings on Tuesday after the close. Expectations are for EPS of $5.91, marking a 2.6% year-on-year decline, on revenue of $24.18 billion, up 8.8% from the same quarter a year earlier.

FedEx has successfully removed around $4 billion in costs between 2023 and 2025 as part of a major restructuring programme and is targeting a further $2 billion in savings by fiscal 2027.

Back in March, the package delivery giant raised its full-year profit forecast and signalled steady shipping demand despite geopolitical tensions and elevated fuel costs. Investors will be looking for an update, particularly given disruptions and re-routing caused by the Middle East conflict.

As a bellwether for global trade, FedEx may have faced margin pressure from higher fuel costs and disrupted logistics. However, with the conflict effectively over and the Strait of Hormuz reopening, fuel costs are falling sharply, potentially improving the outlook for the coming quarters.

The results come as the share price trades near record highs, having recovered from concerns surrounding Amazon's expansion of its third-party logistics network.

How to trade FDX earnings

FedEx has been trending higher throughout the year, forming a series of higher highs and higher lows and recently reaching a record high of 345.

The price has eased back slightly from this peak and is now testing support at 325, the April high. However, the broader uptrend remains intact.

Buyers will look for a move back above 345 to bring fresh record highs into focus.

A break below 325 exposes the 50-day EMA at 316 and could open the door towards 285, the May low.

Micron Technology Fiscal Q3 Earnings Preview

Micron trades near record highs after an extraordinary rally this year ahead of Wednesday's earnings release.

With the company now valued at around $1.3 trillion, expectations are extremely high heading into what could be another record quarter.

Revenue is expected to reach $33.5 billion, plus or minus $750 million, up sharply from the $23.9 billion reported in fiscal Q2. Earnings per share are expected to rise to $19.19.

While the headline numbers will be important, investors are likely to focus more closely on commentary around memory pricing, supply constraints and demand expectations for 2027.

Micron noted in its fiscal Q2 update that DRAM and NAND demand is expected to remain stronger than supply through 2026. The shortage is largely being driven by AI infrastructure spending, with each generation of NVIDIA's chips requiring significantly more high-bandwidth memory.

As Micron prioritises production of HBM memory for NVIDIA's next-generation Vera Rubin platform, capacity is being diverted away from traditional memory products, helping to keep prices elevated.

However, memory remains a cyclical industry and previous booms have eventually ended with oversupply and falling prices. For that reason, management's comments regarding 2027 may prove more important than the May quarter itself.

For now, supply remains tight. While Micron and its competitors are investing heavily in new manufacturing capacity, meaningful supply increases are unlikely before late 2027.

The challenge is that much of the good news already appears priced in. Any signs that pricing power is fading or supply conditions are easing could trigger a sharp reaction.

How to trade MU earnings

Micron has rallied strongly, forming a series of higher highs and higher lows and recently reaching a record high of 1,149.

The price continues to trade above its 20-day and 50-day SMAs, keeping the bullish trend intact.

Buyers will look to extend gains above 1,149, bringing 1,200 into focus as the next psychological target.

Support sits at 970 near the 20-day SMA. Below here, attention turns to 850, the June low. A break below this level exposes the 50-day SMA around 730.

Berkeley Group FY2026 Results Preview

Berkeley Group will release full-year results on June 24 ahead of the UK market open, providing further insight into how London's premium housebuilder is navigating a softer housing market, elevated borrowing costs and uncertainty surrounding the Bank of England's policy outlook.

The group remains heavily exposed to London and the South East, where affordability constraints and planning challenges continue to weigh on activity. While house prices in several northern regions continue to rise, growth in London and the South East has been considerably weaker.

At the same time, international buyers are gradually returning to the market, although domestic demand remains constrained by higher mortgage costs.

Given Berkeley's focus on higher-value developments, financing conditions remain a key driver of demand. The Bank of England left rates unchanged this week, inflation came in softer than expected and policymakers lowered their inflation forecasts, reducing the likelihood of a rate hike this year.

This could improve the outlook for the housing sector and support buyer confidence.

The results come with Berkeley shares down around 11% year to date, outperforming some sector peers but lagging the broader FTSE 100.

How to trade BKG results?

Berkeley shares have recovered from their 2026 lows but continue to face resistance around 3,575, the April high.

With the RSI holding above 50, momentum is improving and a break above resistance could expose the 200-day SMA at 3,760.

On the downside, immediate support sits at the 50-day SMA around 3,372. A break below this level could trigger a deeper move towards 3,225.