Shares of Rambus Inc. spiked higher in active afternoon trade Friday, amid reports that the semiconductor company was exploring a potential sale. The stock was up about 2.8% at around 1:25 p.m. ET, amid a broad rally in the chip sector, then rocketed to a gain of 13.4% in the next minute, prior to a trading halt on volatility. The stock pared some gains after the halt was lifted, to be up 7.2% on volume of 2.3 million shares, which was already nearly 4-times the full-day average. Despite the day’s rally, Rambus’s stock was down 11.8% year to date, while the PHLX Semiconductor Index has rallied 16.7% and the S&P 500 has gained 8.3%.
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