Apple, Micron, Facebook: Tech Winners & Losers
NEW YORK (TheStreet) -- Micron Technology (MU) jumped 4.22% to $6.37 on Tuesday, reflecting the broader uptick in Apple (AAPL)-related stocks.
Earlier this month, the semiconductor provider announced plans to acquire bankrupt Japanese chip maker Elpida and take a stake in Taiwanese chip maker Rexchip Electronics. By adding Elpida and Rexchip's manufacturing capabilities, Micron will roughly double its capacity to manufacture key components of smartphones and mobile devices and become a major supplier to Apple (AAPL).
Shares of several Apple suppliers have been rallying since the Cupertino, Calif.-based firm reported its third-quarter earnings, lifted by rumors that the iPhone 5 could debut as soon as September.
Apple shares rose 2.36% to $609.08 on Tuesday.
Facebook (FB) continued to tumble despite an upgrade from Alliance Bernstein analyst Carlos Kirjner from 'underweight' to 'market perform' with a $23 price target. The stock is trading down 5.98% at $21.76 on Monday. Earlier in the day, Facebook shares were 3 cents away from hitting a new 52-week low. Shares of the social networker have fallen more than 40% since it began trading in mid-May. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepontSelect the service that is right for you!
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