How Micron Sidestepped the Tech Wreck on Tuesday and Gained 4.5%
Shares of Micron Technology (NASDAQ: MU) were up 4.5% on Tuesday even as the Nasdaq Composite was down 1.1% at the same time and the iShares Semiconductor ETF (NASDAQ: SOXX) was down an even steeper 2.8%.
Investors seem to be buying Micron and selling other semiconductor stocks as they try to sort out the winners and losers in last Friday's new rules from the administration, which aims to clamp down on sales of advanced semiconductors and semiconductor equipment to China.
Although there were some restrictions on chip and equipment sales to China before, last Friday's new rules brought with them the most sweeping restrictions yet. Now, every semiconductor equipment sale to foundries within China will be restricted, with a presumption of denial unless a special license is given by the administration.
Source Fool.com
