Tech Stocks Posting Solid Gains; Micron Technology, SanDisk Rising After Fire at Rival Factory


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Technology stocks are higher, with shares of technology companies in the S&P 500 posting a 1.1% gain.

In company news, Micron Technology ( MU ) and SanDisk ( SNDK ) 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 acquisitions.

(-) 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: MU , SNDK

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