Micron Technology Inc. (MU:US), the only remaining U.S. maker of computer memory, rose the most in more than two months after an analyst estimated the possible purchase of a bankrupt rival would drain less cash than anticipated.
Micron, which has said it’s in talks to buy Tokyo-based Elpida Memory Inc., will use about a $1 billion in cash and get the remaining $1.7 billion in financing from Japanese lenders, Daniel Amir, a Lazard Capital Markets analyst, said in a report.
Micron rose 5.8 percent to $6.37 at 11:28 a.m. New York time, after advancing as much as 8.5 percent, the biggest intraday gain since Feb. 27. The stock had lost 4.3 percent this year before today.
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