Why MagnaChip Semiconductor Stock Just Popped 25%
Stocks are treading water today, with the Nasdaq Composite notching a less-than-1% gain as of 12:25 p.m. EDT and the Dow a less-than-1% loss. One stock in particular, though, is "breaking the curve" -- and in a big way.
Semiconductor-maker MagnaChip (NYSE: MX) is off to the races in early afternoon trading today and up 24.7% in response to news that it's just made a deal to sell its "Foundry Services Group" and its factory in Cheongju, South Korea (Fab 4) to a South Korean special-purpose company established by Alchemist Capital Partners Korea Co., Ltd. (Alchemist) and Credian Partners, Inc. (Credian). Together, they're acting as the "AC Consortium" to make the purchase.
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Source Fool.com
