Micron Technology, Inc. (NASDAQ: MU) started the day off on a relatively strong note, and while the stock is still int he green, it is falling fast. In fact, the stock was down more than 2% over the course of 20 minutes. So, what’s the deal? Why is it that MU is falling?
Rumors Circulating In Social About MU
At first, when digging for the reason for the declines that we’re seeing on Micron Technology, you’ll be hard-pressed to find any real information, at least… yet. However, there are rumors circulating that we believe are the cause for the declines. The rumor is that Brightwire Report is suggesting that Chinese MU offices were raided.
Currently, there is no confirmation to the story, nor any real reason the company may be being raided. We will continue digging to see if these allegations are true and if so, what the raid is looking for.
What We’re Seeing From The Stock
As we know, the news moves the market. While this news is unverified, these bits of information run through trader circles like wildfire, leading to quite a bit of movement surrounding the stock they are about. While Micron Technology hasn’t fallen below the red line, the declines from today’s highs are substantial enough that our partners at Trade Ideas alerted us to them. At the moment (10:22), MU is trading at $57.84 per share after a gain of $0.24 per share or 0.43% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MU. In particular, we’re interested in following the story surrounding the rumors that the company’s Chinese offices have been raided. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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