Micron's stock rises to 16-year high on heavy volume after upbeat analyst note
12:21 PM ET 10/2/17 | MarketWatch
Micron Technology Inc.'s stock (MU) ran up to a 16-year high on heavy volume Monday, after KeyBanc Capital gave an upbeat outlook for memory chip pricing. The stock rose as much as 2.6% intraday to an intraday high of $40.37, which was the highest price seen since Aug. 28, 2001, before paring some gains to be up 0.9%.
Trading volume hit 30 million shares just after noon ET, enough to make the stock the day's most-actively traded on the major U.S. exchanges.
KeyBanc analyst Weston Twigg said said he believes dynamic random-access memory (DRAM) contract pricing should continue to increase through the end of the year. "We view this trend as relatively positive for Micron," as DRAM accounts for around two-thirds of Micron's revenue. The stock has now shot up 16% since the company reported better-than-expected fiscal fourth-quarter profits and sales
(http://www.marketwatch.com/story/micron-reassures-investors-that-memory-chip-demand-remains-very-high-2017-09-26). It has soared 33% over the past three months, while the PHLX Semiconductor Index has climbed 13% and the S&P 500 has gained 4.2%.