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Why Micron Technology Rocketed Higher Today

·3 min read
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Shares of memory and storage producer Micron Technology (NASDAQ: MU) rose today, up 5.8% as of 3:54 p.m. ET. The move higher was certainly a bit of a surprise, given that Micron guided to a severe decline in revenue and earnings per share for the current quarter as part of its earnings release last Thursday. Because of the specific cities where lockdowns are currently occurring, that could actually be a positive for Micron, as its largest rivals in DRAM memory and NAND flash have significant operations in the affected cities.