) closed Wednesday in the green, the Nasdaq Composite moving half of a percent higher after facing some pressures earlier in the week. Amazon reported third quarter results that topped Wall Street estimates on the top and bottom lines. The chip company reported adjusted earnings per share of $0.62 versus an estimated $0.50. Adjusted revenue of $6.81 billion topped the estimated $6.67 billion.
But the bottom line is, technically, you know, we have over 70% of all Russell 3000 stocks above their 200 day moving averages.So, yes, despite the minor breadth erosion we've seen in recent months, markets technically are still on very sound footing. Um, however, we can also see what I think is gonna happen is as a start of the broader market to play catch up.The Dow Jones transports actually broke out of a very well defined downtrend today.You know, we don't quite see the ebullience and the the complacency.
I own NVIDIA I. I do I. I sent out a note to clients saying 1 15 1 16 is really rock hard, you know, short term support.The Blackwell chips are gonna be a big deal.We haven't seen any evidence of trend deterioration. And a lot of the thesis on Miron, which has been, You know, we we talk about semiconductors all the time.There's in video with the very advanced chips.
We were excited about the expanding A I driven opportunities ahead and he says, are well positioned to deliver a substantial revenue record in fiscal 2025 which I think is interesting there.I just wonder what what's going on, at least initially here is is get back to what the stock did into the print.It's true, All right, we're gonna get more on mikron with an analyst later in the hour.Hey there.That is a trend we've been tracking.
Uh, well, that's a little bit higher than the VIX to its year to day price action, but, uh, we will call that lows of the day.It is the only sector that outperformed and it was up by a large margin.But the story when you look inside the NASDAQ that XL Y?But those three gains right there those gains among those three mega cap sectors not enough to put it in the green.
That's exactly what the street was looking for, and it seemed like before I came into the studio, I was looking over kind of what the expectations were. So a lot of people feel that, uh, NVIDIA is gonna be using mis high bandwidth memory chips for their H 200. And in Asia, just about in line with, uh, with last year, this was another one of those names Julie, where it had run hard into the print.I mean, she does does hear in the release talk about the kind of pivot they've been making here to more of AD AD TC direct to consumer first company.Says she has great confidence.It seems that way, doesn't it?
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