The Nikkei newspaper reported that Micron Technology, Inc (NASDAQ:MU) would acquire bankrupt Japanese chip manufacturer Elpida Memory Inc for a projected 200 billion yen or $2.5 billion.
The Nikkei reported, without mentioning the source of information, that almost 140 billion yen of the purchase price would be used to pay Elpida’s debts, and around 70% of the Tokyo- based company’s liabilities was not be reimbursed.
The report declared that Micron would invest 100 billion yen in Elpida plants comprising its facility in Hiroshima, Japan, to increase production of dynamic random- access memory chips, the most widely used memory chips in personal computers.
Acquisition of Apple Inc (NASDAQ:AAPL) supplier Elpida would double Micron’s share of the global market for DRAM to almost 24%.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Spansion Inc. (NYSE:CODE) decreased -0.58% to settle at $10.35, Intel Corporation (NASDAQ:INTC) moved down -1.49% to end at $25.83 while SanDisk Corporation (NASDAQ:SNDK) plunged -2.01% to finish on Thursday at $34.70.
Micron Technology, Inc. (NASDAQ:MU) last session volume of 34.68 million shares was higher than its average volume of 27.63 million shares. The stock after opening at $5.63 hit high price of $5.98 and then closed at $5.97 by scoring +4.37%.
MU generated revenue of 8.41 billion in the following twelve months and earned -$924.00 million. The Company showed a negative -7.38% in the net profit margin and as well as in its operating margin which remained -4.97%. Company’s annual sales growth for the past five year was 10.76%.
The MU past twelve months price to sales ratio was 0.70 and price to book ratio remained 0.75.
The stock showed weekly upbeat performance of +5.66% which was maintained for the month at -0.33%. Likewise the positive performance for the quarter was recorded as -29.10% and for the year was -20.08% while the YTD performance remained at -5.09%.
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