Micron Technology sees a surge of 4% in share price towards the end of trade on Monday.
The memory chipmaker has announced plans to repurchase its own shares of $10 billion, which is almost 16% of its market value. This plan is said to unfold from the month of September. This statement by David Zinsner was made at the meeting held on Monday.
Under the leadership of David Zinsner, the Chief Financial Officer, many new plans are yet to follow. Zinsner has succeeded Ernie Maddock.
The CEO Sanjay Mehrotra has stated that technology is going to be the major supply growth provider for the company. Maddock was the previous CFO of the company and is still being a guiding factor to the company
The company has plans to return free cash flows to its stockholders from next year. With good industrial conditions, the forecast for the next quarterly profit and revenue results are also expected to be good says the management of the company.
A deal with Intel Corp to deliver 3D NAND memory chip will provide new features to suit upcoming smartphones around the world. This technology that deals with memory storage is going to dominate the industry along with competitors like Nvidia.
Announcements of such effective plans were seen on its shares, which had a spurt of $1.92 per share taking it to $57.40. The shares touched $52.03, which is a 52-week high on the share. This is the first time that the share is closing above $50. This level was last seen in September 2000.
In just one year, the stock prices have doubled in price, while it is up by 15% within a short span of 4 weeks.
Micron, the tech power, has new projections in mind which should be spelling well for investors who have placed their trust in the company.
Morgan has been in the position of the business analyst for almost a decade and with such expertise, he is one of the best expert hands with us. His profound understanding of the trade, commerce, and business trends makes him a reliable contributor to blamfluie.com.