Shares of Micron Technology (NASDAQ: MU) rallied today, up as much as 4.6% before ending the day up 3.7%.
While today was a relatively good day for the semiconductor sector and artificial intelligence (AI)-focused names generally, Micron also received some positive company-specific news, by way of negative news pertaining to one of its two big competitors.
Korean giant Samsung typically reports pre-earnings guidance shortly after the end of each quarter, and today guided for its second-quarter operating profit to fall 56% relative to last year, far below consensus.
Source Fool.com