Micron Technology Shares Climb on News of Potential Device Supply Shortage

Shares of the tech company were rising after HP Inc. estimated device supply could be shrinking.
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Shares of the semiconductor and hard-drive producer Micron Technology (MU) - Get Report  were higher Thursday after tech giant HP Inc. (HPQ) - Get Report said in a quarterly earnings call with analysts that there could be a looming shortage of flash memory drives in the market. HP's CEO, Dion Weisler, said that there were no 'material shortages' in HP's most recent quarter, however supply appears to be waning. 'And it's not so much coming from the PC industry, it's more coming from adjacent categories,' he added, highlighting televisions and smartphone memory devices. Shares of Western Digital also moved higher on the news but are still down roughly 22 percent so far in 2016.

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