Shares of Micron Technology Inc. shot up 5.7% to a 16-year high in active morning trade Tuesday, as investors position for the memory-chip company’s earnings report due out later this week. The stock, on track for the highest close since Aug. 2, 2001, was the fifth-biggest gainer within the S&P 500 . Volume hit 16.9 million shares, enough to make the stock the second-most actively traded on the Nasdaq exchange, behind fellow chip maker Advanced Micro Devices Inc.’s stock . Micron announced earlier Tuesday collaborations with China’s Shenzhen Security and Protection Industry Association (SSPIA) and Jinyu Global to speed deployment of new products in the region. Micron is scheduled to report fiscal first-quarter results on Thursday, before the market opens. Micron has beat bottomline expectations the past nine quarters and sales expectations the past five. The results come after chip makers Intel Corp. and AMD both reported last week earnings and revenue that beat expectations. Micron’s stock has doubled year to date, while the PHLX Semiconductor Index has climbed 40% and the S&P 500 has rallied 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News