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.
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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."