NEW YORK (TheStreet) -- Wave Systems Corp (WAVX - Get Report) is continuing to climb on Wednesday as Wall Street celebrates news of a partnership with Micron Technology (MU - Get Report) announced a day earlier.
By midmorning, Wave Systems shares had spiked 7.1% to $1.50, while Micron Technology was unchanged at $22.17.
In a statement, the two companies said they plan to expand their relationship to collaborate on "solutions designed to strengthen user protection against current and emerging threats to compute and embedded platforms."
The project will focus on comprehensive security solutions for cloud computing and data management models."We're pleased to be working with Micron in developing advanced solutions that combine hardware and software security protection," said Wave CEO Bill Solms in a statement. "Our expanded agreement will allow us to build on our existing software solutions and take security of client applications to the next level." The companies expect to announce projects in development in the second half of the year. Must read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook." Highlights from the analysis by TheStreet Ratings Team goes as follows:
- MU's very impressive revenue growth greatly exceeded the industry average of 5.1%. Since the same quarter one year prior, revenues leaped by 97.6%. Growth in the company's revenue appears to have helped boost the earnings per share.
- Powered by its strong earnings growth of 317.85% and other important driving factors, this stock has surged by 114.97% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, MU should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
- MICRON TECHNOLOGY INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, MICRON TECHNOLOGY INC turned its bottom line around by earning $1.00 versus -$1.04 in the prior year. This year, the market expects an improvement in earnings ($3.04 versus $1.00).
- The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Semiconductors & Semiconductor Equipment industry. The net income increased by 355.6% when compared to the same quarter one year prior, rising from -$286.00 million to $731.00 million.
- The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Semiconductors & Semiconductor Equipment industry and the overall market, MICRON TECHNOLOGY INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
- You can view the full analysis from the report here: MU Ratings Report
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts