Micron rises as company says it is dealing with power disruption at Hiroshima facility
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Micron Technology (NASDAQ:MU) shares rose more than 3% on Tuesday after the company said it was dealing with a "prolonged power disruption" at its Hiroshima DRAM manufacturing facility.
Micron (MU) said the power disruption occurred on July 8, as a result of inclement weather, but added that all team members were safe.
The company added that operations have resumed at "reduced levels" but production is expected to ramp over the next week. Micron (MU) expects there to be a productivity output loss and wafer scraps in its fourth-quarter and the first-quarter of fiscal 2023.
On Monday, Micron (MU) was listed among UBS's favorite semiconductor stocks, despite worries over weakening consumer demand and confidence and rising inventories.