Data storage makers rally on possible Hynix disruption
NEW YORK (Reuters) - Shares of data storage makers Micron Tech and SanDisk Corp rallied on heavy volume on Wednesday, following unconfirmed reports of smoke at a SK Hynix facility in China.
Analysts at Sterne Agee wrote that any disruption at the facility would be a positive for Micron and SanDisk.
"Any disruptions in an already disciplined supply chain going into peak build period... could firm up DRAM-NAND pricing," the analysts wrote, referring to two types of memory chips.
The broker cited a Chinese-language media report that contained a photo showing smoke at Hynix's production facility in Wuxi, China.
Shares of Micron jumped 7.8 percent to $15.11 as the S&P 500's biggest percentage gainer. SanDisk Corp rose 4.8 percent to $57.91.
(Reporting by Ryan Vlastelica; Editing by Nick Zieminski)
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
- Suspect in Pennsylvania police ambush captured after seven-week manhunt
- Japan shares soar, yen skids after BOJ stuns with more easing steps
- Oil price declines have small-cap shale investors scrambling
- China says nets 180 graft suspects in overseas manhunt