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Micron stock drops as China blocks memory chip sales

Micron Technology Inc. MU, -Five.51% shares fell Tuesday following a document that a Chinese court docket blocked the sale of memory merchandise from the chipmaker in China. Micron shares fell 6.6% to $50.87 in fresh buying and selling, after touching an intraday low of $50.10. On Tuesday, Taiwan's United Microelectronics Corp. 2303, +0.00% mentioned the China's Fuzhou Intermediate People's Court issued a initial injunction against Chinese subsidiaries blocking off sales of "PRC 26 DRAM and NAND-related items", together with positive solid-state laborious drives and memory sticks. Micro mentioned it had not won affirmation of the transfer. "Micron has not been served with the preliminary injunction referred to in the statements issued by United Microelectronics Corporation (UMC) and Fujian Jinhua Integrated Circuit Co. (Jinhua) dated July 3," a Micron spokesman mentioned in an e mail Tuesday. "Micron will not be commenting further until the company has received and reviewed documentation from the Fuzhou Intermediate People's Court of China." The development comes following a probe from Chinese regulators into memory chip makers like Micron in regards to the top worth of memory merchandise. China accounts for roughly 1 / 4 of global memory chip call for. Micron inventory has soared amid emerging memory prices, with shares adding 74.2% up to now 12 months because the S&P 500 index SPX, -0.49% has won 12.three%.

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Micron inventory dives as China reportedly blocks sales, other chip stocks join in fall

Fireworks got here early for shares of Micron Technology Inc. on Tuesday, following a document that a Chinese court docket had blocked sales in China of memory chip merchandise from the Boise, Idaho-based corporate.