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NEW YORK (
Micron Technology(MU - Get Report) jumped 4.22% to $6.37 on Tuesday, reflecting the broader
Apple(AAPL - Get Report)-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 - Get Report).
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 - 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.
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