Xilinx, Micron, Western Digital: Tech Stock Midday Movers

Chip stocks gained on positive reports from Xilinx and Micron.
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Here are some of the top mid-day tech movers for Tuesday, June 30:

Chip stocks surged on Tuesday, thanks in part to a bullish report from Xilinx. The chipmaker raised its revenue outlook for the fiscal first quarter on Monday, citing better-than-expected results in its wired and wireless group and its data center group, as well as a surge in orders ahead of new U.S. restrictions on sales to Chinese tech firm Huawei. Shares of Xilinx  (XLNX) - Get Report were up 7.6% to $98.94 in mid-day trading.

Meanwhile, Micron  (MU) - Get Report stock was up 5.3% to $51.82 after the chip maker topped expectations for its fiscal third quarter. Its revenue climbed 14% to $5.44 billion, versus an analyst consensus of $5.27 billion, and its earnings of 71 cents per shares beat a consensus of 64 cents. For the July quarter, its revenue guidance of $5.75 billion to $6.25 billion (up 18% to 28%) also came in above analyst estimates. 

Other semiconductor stocks rose on the promising reports from Xilinx and Micron. Shares of Western Digital  (WDC) - Get Report rose 6.4% to $43.93. In a note on Wednesday, Benchmark wrote that Micron's positive results "bode well" for Western Digital. Benchmark maintains a Buy rating and $60 price target on Western Digital shares. 

Shares of AMD  (AMD) - Get Report and Nvidia  (NVDA) - Get Report also gained on Tuesday, rising 3.7% to $52.16 and 3.4% to $380.36, respectively. 

Nvidia stock was recently upgraded to a Street high of $450 by a Susquehanna analyst , who wrote the chipmaker's acquisition of Mellanox could add up to $30 billion to the company's market capitalization.

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