Micron Technology Shares Jump 11 Percent on Takeover Speculation

Shares of Micron Technology (MU) ended Tuesday's trading day with a gain of 11 percent. The stock is TheStreet's Move of the Day. Shares rose after reports from Reuters said China-based technology company Tsinghua Unigroup is readying a $23 billion offer for the chipmaker. That's $21 per share, a 19.3 percent increase from where the stock closed on Monday, of course, before the news broke. The report said the bid could be presented as soon as Wednesday. This comes after Micron Technology's stock fell about 22 percent over the past month. Back in June, the company reported a year-over-year decline in fiscal third quarter revenue to the tune of over 3 percent, largely on the heels of softness in the PC area. TheStreet's Scott Gamm reports from New York.