On Tuesday, Shares of Micron Technology, Inc. (NASDAQ:MU), gained 3.89%, the highest intra-day spike seen in its stock price since November 6, and settled at $16.55.
This positive price movement follows reports about mobile dynamic random-access memory (DRAM) chip sales.
According to a Chinese report, demand for DRAM chips has improved lately from the Chinese smartphone manufacturers. Shares of Inotera Memories Inc, a Taiwanese DRAM supplier, right away surged by 4.1% recently on the local stock exchange, after this report surfaced. Micron owns a noteworthy stake in Inotera, which also provides access to all its production output to Micron as part of a joint development agreement with Nanya Technology Corporation.
Micron Technology, Inc. (NASDAQ:MU) has declined 45.05% since April 28, 2015 and is downtrending. It has underperformed by 43.43% the S&P500.
The move comes after 5 months positive chart setup for the $16.86B company. It was stated on Dec, 2 by Barchart.com. We have $22.01 PT which if reached, will make NASDAQ:MU worth $5.56B more.
Micron Technology, Inc. provides semiconductor systems worldwide. It operates in four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit.
Shares of Mattress Firm Holding Corp. (NASDAQ:MFRM), inclined 6.95% to $52.79, during its last trading session.
Mattress Firm Holding Corp., declared that it has entered into a contract to acquire all of the outstanding equity interests in HMK Mattress Holdings LLC, the holding company of Sleepy’s and related entities. The aggregate purchase price is $780 million, subject to working capital and other customary adjustments. Sleepy’s is the nation’s second largest specialty mattress retailer, with over 1,050 stores in 17 states in the Northeast, New England, the Mid-Atlantic and Illinois.
The closing of the acquisition, which is subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other regulatory approvals, is predictable to occur during the first half of Mattress Firm’s fiscal year 2016. As part of the consideration, the Company has agreed to assume certain quantified liabilities totaling about $30 million. In addition, Adam Blank, the current chief operating officer and general counsel of Sleepy’s, will join the Mattress Firm executive administration team and will contribute up to $10 million of the equity value he holds in Sleepy’s in exchange for shares of Mattress Firm common stock. The remainder of the consideration payable to the equityholders of Sleepy’s will comprise of cash. The Company anticipates to fund the cash requirements of the closing of the acquisition with cash on hand and the proceeds from the issuance of senior secured debt. The transaction has been approved by the Boards of Directors of both companies.
The Company anticipates to generate annual synergies of about $40 million by the third year post-closing. In addition, the Company anticipates to receive future cash income tax benefits totaling over $11 million annually for more than 10 years from the deductible tax basis goodwill generated from the transaction and from the carryover tax basis of other assets, both subject to the Companys ability to generate future taxable income.
Mattress Firm Holding Corp., through its auxiliaries, operates as a specialty retailer of mattresses, and related products and accessories in the United States. It operates in two segments, Retail Operations and Franchise Operations. The company also operates an e-commerce Website.
Finally, Shares of MasterCard Incorporated (NYSE:MA), ended its last trade with 0.01% gain, and closed at $97.93.
RentMoola, North Americas most innovative and fasting growing online rent payment service focused on disrupting the traditional pay-rent-by-cheque approach used by most North Americans, recently declared it would position MasterCard as its preferred payment brand on RentMoolas payment network in the U.S. and Canada . The agreement provides tenants and condo owners a preferred rate for all MasterCard credit and debit card payments in addition to rewards with exclusive offers when paying with MasterCard-branded cards on RentMoola. In addition, RentMoola will offer users the ability to pay with MasterPass by MasterCard in early 2016.
MasterPass enables consumers to pay for the things they want with the security they demand, anywhere online or in-app, using any device. MasterPass securely stores shoppers preferred payment information, which is readily accessible when they check out. Once live with RentMoola, MasterPass will give tenants the option to simply select Buy with MasterPass, sign into their wallet, select their desired payment option and then confirm the rent payment.
Patrick Postrehovsky, CEO & Co-Founder said, We are happy to partner with MasterCard and offer our tenants the ability to make paying their rent rewarding and frictionless by leveraging their rewards programs when paying rent. MasterCard and RentMoola share the belief that consumers want choice and rewards, something checks/cheques and other payment methods do not offer. MasterCard is a valued partner in our business and we look forward to additional partnership opportunities that offer raised value to MasterCard cardholders.
MasterCard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company facilitates the processing of payment transactions, counting authorization, clearing, and settlement, in addition to delivers related products and services.