Why United Microelectronics Stock Is Skyrocketing Today
Shares of United Microelectronics (NYSE: UMC) are spiking today as investors reacted to the news that one of United's rivals was hit with new U.S. restrictions. United Microelectronics' stock rose by as much as 16.5% today, and was up 15.6% as of 12:13 p.m. EDT. The U.S. Commerce Department said U.S. chip companies exporting technology to Semiconductor Manufacturing International -- China's largest chipmaker -- have to first get special licenses to do so.
