RealTime IT News

Micron Sends Stocks Soaring

Solid results from Micron Technology and falling oil prices and bond yields sent stocks to their biggest gains of the year on Wednesday.

Micron gained 3.6%, sending the chip sector 2.3% higher, after the company reversed a year-ago loss with earnings of 17 cents a share, beating Wall Street estimates. The company made up for falling prices with higher than expected sales.

Along with rising oil inventories and falling oil prices and bond yields, the news gave the battered stock market its best day since December.

The Nasdaq soared 31 to 2005, the S&P 500 surged 16 to 1181, and the Dow soared 135 to 10,540. Volume declined to 2.1 billion shares on the NYSE, and 1.78 billion on the Nasdaq. Advancers led 25-7 on the NYSE, and 21-9 on the Nasdaq. Upside volume was 84% on the NYSE, and 86% on the Nasdaq. New highs-new lows were 26-52 on the NYSE, and 32-90 on the Nasdaq.

MCI rose on speculation that Qwest may launch a hostile takeover bid for the company after MCI once again chose to accept a lower offer from Verizon .

Travelzoo soared 25% on a Susquehanna upgrade.

Research In Motion climbed 5% on takeover speculation.

Network Equipment and PC Connection fell on warnings.