Micron Technology, Inc (NASDAQ:MU) worried about its Israeli Kiryat Gat plant

  on Dec 17,2012 Posted in Business News ,Finance
 
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Micron Technology, Inc (NASDAQ:MU)’s plant in the southern Israeli city of Kiryat Gat is going to lay off its hundreds of employees. The company declared that plant is facing a sale and has a possibility to be shut down.

The company stated that it is looking for alternatives for the plant. Selling the Israeli plant is one of the options for the company. On the other hand, if it didn’t happen Micron Technology decided that it will cut its production volume steadily till 2015. Therefore, the company stated that it will regulate its work force levels according the production volumes.

The step indicates that the company intends to lower its operations in Israel and predicts to sell or shut down its Israeli plant in upcoming 3 years. Presently about 1,300 of employees work in the Kiryat Gat plant and it may happen that all of these lose their jobs. The company decided that it will help affected employees and will give them compensation, a bonus package and reassignment services.

At the close of the trading day, Micron Technology, Inc. (NASDAQ:MU) shares rose +2.85% to settle at $6.85. Intraday trading was between $6.69 – $6.89.  In the past year, the stock has traded within a range of $5.16 – $9.16. The last session’s volume of 23.37 million shares was down from the average daily trading volume of 24.93 million shares.

Spansion Inc. (NYSE:CODE) shares were down -1.93% to close at $12.70. The stock traded between $12.51 – $12.99 during the last trading session.  In the last 12 months the shares have traded between $7.21 and $13.46. The last session’s volume of 162,907 shares was a bit lower than their average daily trading volume of 215,004 shares.

Intel Corporation (NASDAQ:INTC) shares in the last session were up +0.18% closing at $20.53. The stock traded in a range of $20.35 – $20.74.  In the last year the stock has moved within a range of $19.23 – $29.27. The last session’s volume of 34.15 million shares was down from their average daily trading volume of 51.75 million shares.

Another rival company MoSys Inc. (NASDAQ:MOSY), traded up +1.24% moving to $3.26. Intraday trading recorded the stock price in a range between $3.19 – $3.27.  In the previous 52 weeks the price has traded between $2.76 – $4.75. The last session’s volume of 36,800 shares was down from their average daily trading volume of 62,640 million shares.

 

 

 



 

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