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Micron Technology Rallies on Competitor Concerns

                              (Image source: thehelpprogram)

Micron Technology, Inc. (NASDAQ:MU), the manufacturer of semiconductor devices is surging in current trading on news that it’s rival SK Hynix Inc (KRX:000660) suffered fire damages at one of factories in China, which is causing operations  to be suspended. The factory that suffered the fire damages makes memory chips for PCs and mobile phones.  In current trading, Micron Technology is up above 5%. Piper Jaffray has a buy rating on the stock with a price target of $21.