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 The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MU , SNDK

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