Why Micron Technologies Zoomed 4% Higher Today
Veteran memory chip specialist Micron Technology (NASDAQ: MU) was one of the tech sector's clear winners on Wednesday. That's somewhat unexpected, given that much of the company's memory chip production is located in Taiwan, which was hit with a powerful earthquake the day before. But Micron's swift reassurance of the situation, plus its tagging as a top pick by an analyst, earned it more than a 4% share price gain across Wednesday's session.
The earthquake was a strong one, measuring 7.4 in magnitude. Yet its epicenter in a relatively sparsely populated area, plus the many safeguards and preparations in place, kept the destruction and death toll relatively low.
Regardless, Micron was quick to publish an update reassuring its business partners and investors that all of its employees were accounted for and safe. While the chipmaker said it was "evaluating impact to our operations and supply chain," the fact that its people were OK suggests its facilities were not extensively damaged.
Source Fool.com
Micron Technology Inc. Stock
With 114 Buy predictions and not a single Sell prediction Micron Technology Inc. is an absolute favorite of our community.
With a target price of 231 € there is a slightly positive potential of 12.44% for Micron Technology Inc. compared to the current price of 205.45 €.
