Samsung production cuts send Micron’s stock to best day in more than a year: ‘This is a big deal.’

Micron Technology Inc. shares rallied for their best day in more than a year Monday after a huge overhang on the memory-chip market eased when, as one analyst put it, the Easter Bunny left a big present for the Boise, Idaho-based chip maker.

On... Micron Technology Inc. shares rallied for their best day in more than a year Monday after a huge overhang on the memory-chip market eased when, as one analyst put it, the Easter Bunny left a big present for the Boise, Idaho-based chip maker. On Monday, Citi Research’s Christopher Danely said the Easter Bunny had brought Micron a gift after Samsung Electronics Co. 005930 reported late last Thursday that it would cut memory-chip production following months of holding out as prices fell. With markets closed for the Good Friday holiday, stocks did not trade until Monday following.

“This is a big deal,” Danely said, noting that Samsung makes up half of the world’s DRAM market and that he had expected such a cut following production and capital-expenditure cuts from Micron and SK Hynix 000660 .

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