MU - Why Micron Technologies Zoomed 4% Higher Today
2024-04-03 18:59:37 ET
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.
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Why Micron Technologies Zoomed 4% Higher Today