Shares of Micron Technology and SanDisk Corp. jumped Thursday morning to highlight an early tech sector rally on signs of a NAND Flash memory chip shortage that's expected to give the chipmakers a lift.
Micron Technology, Inc. (NASDAQ:MU) shares jumped 7.92% to $6.68. The shares of Micron Technology had its “outperform” rating restated by equities researchers at Sanford C. Bernstein in a report issued this week and they currently have a $9.50 target price on the stock. Additionally, analysts predict that MU will post $-1.01 earnings per share for the current fiscal year.
SanDisk Corporation (NASDAQ:SNDK) shares gained 8.28% to $43.96. The company announced an affordable, easy-to-install SSD caching solution that lets consumers significantly improve their desktop computer's performance. The SanDisk ReadyCacheTM solution can boost a desktop computer's boot, shutdown and application launch times, allowing consumers to enjoy a more responsive computing experience, while utilising their existing hard drive's storage.
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Skyworks Solutions Inc(NASDAQ:SWKS) stock increased 6% to $30.95. Barclays analyst Blayne Curtis downgraded Skyworks Solutions from Overweight to Equalweight with a price target of $28.00 (from $30.00). The 52 week trading range for the company is $13.72 - $31.00. The shares of the company soared 60% in the last one year.
Hemispherx BioPharma, Inc (NYSEAMEX:HEB) stock gained 4.71% to $0.890. The company announced that the Company will participate in the Rodman & Renshaw 14th Annual Healthcare Conference, to be held on September 9 - 11, 2012 at the Waldorf Astoria, New York, NY. The 52 week trading range for the company is $0.17 - $0.95. The shares of the company soared 190% in the last one year.
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Keegan Resources Inc.(NYSEAMEX:KGN) shares climbed 1.25% to $4.05 in the early hour. The company is pleased to provide an update on activities currently being undertaken to maximize the value of the Company's Essase Gold Project in Ghana, West Africa. Over the last several months the Company has undertaken an extensive re-examination of the development options for the Essase project with a goal of minimizing capital requirements while improving project economics.
Gannett Co., Inc.(NYSE:GCI) stock gained 2.51% to $15.95 after the company announced that it has acquired Mobestream Media, maker of the Key Ring consumer rewards mobile platform (Key Ring) available on all smartphones. Terms of the acquisition were not disclosed.