Semiconductor stocks are a pocket of strength in the market today. Micron (MU 63.17, +4.61, +7.8%) is a winning standout from the space after news over the weekend that chip giant Samsung (SSNLF) is cutting production to reduce inventory.
MU is reacting positively to this news after CEO Sanjay Mehrotra said a few weeks ago that high inventory weighed on financial results.
Taiwan Semiconductor Manufacturing (TSM 87.71, -2.52, -2.8%) is a top laggard after reporting a 15.4% yr/yr drop in revenue for March.
The PHLX Semiconductor Index is up 0.8%.