Technology stocks are higher, with shares of technology
companies in the S&P 500 posting a 1.1% gain.
In company news, Micron (
) and SanDisk (
) shares are higher following a fire at an SK Hynix factory in
China that forced the memory chip-maker to suspend operations.
The factory makes dynamic random-access memory, more commonly
known as DRAM, chips for mobile phones and personal computers.
MU also may be picking up additional support from a Nomura
analyst who reportedly said the company's recent deal for Elpida
deal ended up being a good thing.
"Since the deal was announced, Elpida significantly improved
30nm (nanometer) yields, DRAM prices doubled and yen depreciated
25%," the analyst wrote. "The new MU potentially could generate
free cash flow of $1.5 bln to $2bln per year, assuming $2.5 bln to
$3bln of capital expenditures."
At last look, MU was up 5.5% to $14.79 a share while SNDK shares
were ahead 2.9% at $56.93 apiece.
In other sector news,
(-) LNKD, (-1.9%) Launches underwritten, $1-bln public offering
of its Class A common stock. Underwriters also received 30-day
options to purchase up to $150 mln additional shares. Proceeds
tabbed for general corporate purposes, including possible
(-) GWRE, (-5.0%) Q4 EPS of $0.25 beats by $0.11 per share.
Revenue rises 43.3% over year-ago quarter to $96.9 mln, topping
estimates by $3.8 mln.
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