Storage Sector Stocks Rally as Seagate Technology Surges Over 8.6%

Stock News04-06

Storage-related stocks showed broad strength in early Monday trading on U.S. markets. At the time of writing, Seagate Technology PLC (STX.US) had surged more than 8.6%, SanDisk Corp. (SNDK.US) rose over 4%, Western Digital (WDC.US) climbed more than 5.5%, and Micron Technology (MU.US) advanced over 3.8%. The upward movement follows news that Samsung Electronics has completed negotiations and signed supply contracts with major customers for second-quarter DRAM shipments, with prices increasing by approximately 30% compared to first-quarter levels. The price hike applies to high-bandwidth memory (HBM) as well as general-purpose DRAM products for servers, PCs, and mobile devices, representing a composite average increase. Previously, Samsung had raised average DRAM prices by about 100% in the first quarter.

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