Micron Technology Inc.’s stock soared 9.2% in active afternoon trade Tuesday, enough to make it the biggest percentage gainer in the S&P 500, after South Korea-based chipmaker SK Hynix Inc. gave an upbeat outlook for the dynamic random-access memory chips, which is a key product of Micron. Volume of 40.4 million shares was nearly double the full-day average. Hynix said late Monday in a conference call following first-quarter results that it anticipates “more positive demand momentum around the second half,” given that inventory levels aren’t too high and with new smartphone launches expected to stimulate demand, according to a transcript provided by FactSet. Hynix said it expects DRAM bit shipment growth in the mid-teens percentage range for the second quarter, after a 3% decline in the first quarter. For the quarter ended in February, Micron had reported a 9% decline in DRAM gigabits sold.
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