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 - Get Report).
Apple shares rose 2.36% to $609.08 on Tuesday.Facebook (FB - Get Report) 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: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
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