Micron Technology, Inc. (NASDAQ: MU)
Micron Technology is having an overwhelmingly strong day in the market today, and another spike just started. Since the opening bell the stock has been well in the green. Today, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to MU ahead.
What We’re Seeing From MU
As mentioned above, Micron Technology is having an overwhelmingly strong day in the market today. As soon as the opening bell rang, the stock started heading for the top. Now, another decent spike just started, sending the stock even higher. Currently (11:50), MU is trading at $19.27 per share after a gain of $1.03 per share (5.65%) thus far today.
Why The Stock Is Climbing
As soon as we noticed the gains on MU, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to dig the story up. The gains seem to be caused by news that’s coming out of China.
According to recent reports, Chinese State Semiconductor is planning on making big moves. The company is expecting to start mass producing NAND Flash Memory in 2019. The production process is expected to use products from Micron Technology.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MU and Chinese State Semiconductor as the story develops. While the production won’t start until 2019, this is overwhelmingly positive news for MU and will likely lead to continued gains!
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[Image Courtesy of Wikipedia]