Shares of Micron Technology Inc. (MU) rallied 4.7% toward a 2-month high in active morning trading Wednesday toward, enough to pace the broader semiconductor sector's gains. Trading volume was 28.7 million shares, just below the full-day average of about 30.4 million shares. Before the open, Micron said it registered for the offering of senior notes, with a "substantial portion" of the net proceeds planned to pay for the purchase of a non-controlling interest in Intel Corp.'s (INTC) IM Flash Technologies LLC and IM Flash debt owed to Intel. Moody's Investors Service said it rated the two new tranches of unsecured senior notes, due 2027 and 2030, at "Baa3," which is just one notch above "junk" status. The outlook is stable. Micron's stock was the biggest gainer within the PHLX Semiconductor Index , of which 25 of 30 components are gaining ground. Micron shares have run up 36.4% year to date, while the chip-sector index has climbed 27.6% and the S&P 500 has advanced 19.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 10, 2019 11:08 ET (15:08 GMT)
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