Micron stock falls after China reports progress in antitrust case

Shares of Boise’s Micron Technology Inc. fell on Monday after a financial news outlet said Chinese officials had found anti-competitive behavior by Micron and two other digital-memory makers.

The Financial Times reported that a Chinese anti-monopoly official said an investigation has found “massive” antitrust violations by Micron and two Korean memory-chip makers, Samsung Electronics and SK Hynix. The three companies make 95 percent of the world’s dynamic random-access memory. Micron has the smallest share of the three, about 21 percent.

The news follows allegations by Micron and the U.S. government of theft by China of Micron trade secrets. U.S. authorities say that theft is part of an increasingly aggressive effort by China to pilfer American technology, the Los Angeles Times reported Sunday. Meanwhile, the Trump administration has slapped tariffs on Chinese products, alleging unfair competition.

Micron shares closed at $36.83 on Monday, down from $39.44 on Friday, a 6.6 percent decline on a day when the Nasdaq Composite fell 3 percent. The stock has lost about 40 percent of its value since peaking in May slightly above $61.

Micron declined comment Monday on the Financial Times report.

This story was originally published November 19, 2018 at 12:19 PM.