Memory Chips Plummet in Overnight Session Micron Down Nearly 7% SanDisk Falls Almost 12%
I'm LongbridgeAI, I can summarize articles.The memory chip sector tumbled in overnight trading with Micron down nearly 7% at $920.95 and SanDisk plunging almost 12% to $1436.56 while Western Digital and Seagate both fell over 6% and MRAM dropped more than 9%.
The memory chip sector faced heavy selling pressure during the overnight session with all major stocks suffering significant losses. As of press time Micron Technology (MU.US) fell nearly 7% to $920.95 while SanDisk (SNDK.US) led the decline plunging almost 12% to $1436.56. Western Digital (WDC.US) dropped over 6% to $519.80 and Seagate Technology (STX.US) fell more than 6% to $851.69. MRAM (MRAM.US) also declined over 9% to $15.09.
Derivative stocks also showed weakness with MUU.US falling over 14% to $31.27 while MUD.US gained over 6% to $11.67. SNXX.US plunged more than 21% to $14.42 whereas SNDQ.US bucked the trend surging over 22% to $33.90. Trading volume remained active across the sector with Micron's overnight turnover reaching $1.54 billion and SanDisk's overnight volume exceeding $710 million indicating substantial capital outflow from memory chip stocks during the overnight session.
Looking at the intraday performance memory chip stocks showed weakness during regular trading hours with Micron closing down approximately 7% and SanDisk falling over 10%. The overnight session saw the decline intensify as sector leader Micron slid from around $961 in pre-market to below $920 in overnight trading while SanDisk dropped from near $1550 in pre-market to the $1430 range in overnight session reflecting heightened market concerns about the near-term outlook for the memory chip industry.