Micron Slumps On Report Of Samsung-Apple Chip Deal

Shares of Micron Technology Inc. slumped on Tuesday on a report in a Korean newspaper that Samsung Electronics Co. has reached a deal to supply about half of the advanced DRAM chips that Apple Inc. needs for its new smartphones. "Estimated to be worth billions of dollars, the deal may signal the start of a thaw in the recent icy relationship between Samsung Electronics and Apple," reported the Korea Times. Samsung, the maker of Galaxy smartphones, is also a big chip manufacturer and competes directly with Micron. Micron is the biggest S&P 500 loser after its shares slid 6.1% to $29.48. The stock is down 16% year to date.