Why United Microelectronics Stock Skyrocketed Today
Shares of United Microelectronics (NYSE: UMC) have skyrocketed today, up by 19% as of noon EDT, after the company made numerous investor disclosures in a regulatory filing. The tech specialist said it would be acquiring equipment from Applied Materials, among other news.
United Microelectronics said it would be acquiring machinery and equipment from a Taiwanese subsidiary of Applied Materials for 1.02 billion New Taiwan dollars ($34.8 million). The purpose of the transaction is listed as production. The company's board also decided to increase capital at the United Semiconductor (Xiamen) subsidiary. The registered increase in capital is 3.5 billion yuan ($500 million).
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Source Fool.com
