U.S. Markets closed

Micron Falls After FT Report Indicates Deepening China Probe

Ryan Vlastelica

(Bloomberg) -- Shares of Micron Technology are down 2 percent pre-market, after the Financial Times reported that Chinese authorities would deepen an antitrust probe into Micron and two other chipmakers, claiming ”massive evidence” of violations.

Western Digital Corp. fell 2.2 percent on 5,400 shares.

The probe is also looking into Samsung Electronics and SK Hynix. Last week, Bloomberg News reported that China’s anti-monopoly regulator had made progress in the investigation.

The report is the latest headwind for Micron, whose shares have plummeted almost 40 percent since a recent peak in May. Chipmakers have been under pressure lately, as they grapple with both trade-policy uncertainty between the U.S. and China, as well as weaker demand from companies such as Apple.

NOTE: Chip Bull Run Teeters as Nvidia, Applied Add to Gloom

To contact the reporter on this story: Ryan Vlastelica in New York at rvlastelica1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Scott Schnipper

For more articles like this, please visit us at bloomberg.com

©2018 Bloomberg L.P.