Micron, Xilinx lead semiconductor stocks higher
The S&P 500 is up 0.5% to trade at session highs, while the Nasdaq oupterforms with a 0.8% gain.Semiconductor stocks are up big today in response to Micron (MU 52.07, +2.93, +6.0%) topping quarterly estimates and issuing upside guidance and Xilinx (XLNX 98.59, +6.63, +7.3%) issuing upside revenue guidance for its July and September quarters. The Philadelphia Semiconductor Index is up 2.6%. In other corporate news, lululemon athletica (LULU 309.90, +15.55, +5.3%) has agreed to acquire an in-home fitness company, MIRROR, for $500 million. LULU shares are up 5%.