Why United Microelectronics Stock Is Skyrocketing Today

Shares of United Microelectronics (NYSE: UMC) are spiking today as investors reacted to the news that one of United's rivals was hit with new U.S. restrictions.

United Microelectronics' stock rose by as much as 16.5% today, and was up 15.6% as of 12:13 p.m. EDT.

The U.S. Commerce Department said U.S. chip companies exporting technology to Semiconductor Manufacturing International -- China's largest chipmaker -- have to first get special licenses to do so. The U.S. government is adding an extra level of scrutiny of Semiconductor Manufacturing because it says the company's technology could be used by the Chinese military.

Source Fool.com