NEW YORK (TheStreet) -- Micron Technology (MU) jumped 2% to $19.58 during Friday trading, as Wall Street demand pushed shares higher. It was the second most active stock behind Cisco (CSCO) -- 36 million shares had changed hands by early afternoon, 11 million short of its 90-day average daily trading volume.
Though news on the company is quiet, the stock's technical trajectory speaks volumes. As TheStreet technical expert and Trifecta Stocks portfolio manager Bob Lang explained:
"Micron shows a classic bullish chart pattern that just recently broke out from significant resistance at $18.50. The pattern of higher lows and higher highs since October 2012 is a classic buy-the-dip pattern, indicating buyers are active at each opportunity and that there is strong demand for the stock by institutional players. When the smart or 'big money' is coming after stocks, it is wise to take note and perhaps ride their coat tails."
In the year to date, the NAND Flash and DRAM memory specialist has climbed 208.8%, far exceeding the S&P 500's 25.78% gains.
TheStreet Ratings team rates Micron Technology Inc as a Buy with a ratings score of B. The team has this to say about its recommendation:
"We rate Micron Technology Inc (MU) a BUY. This is driven by some important positives, 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 revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."