Micron Taiwan Union Authorizes Strike Over Bonus Dispute
MU has more than doubled off its 52-week low of $179.61.
Summary
Micron's Taoyuan union voted 99% in favor of a strike over the company's bonus scheme, with timing and details still under discussion. The unions represent over 80% of Micron's Taiwan workforce, a critical hub for DRAM and HBM production amid a global memory supply crunch. Mediation with the Taoyuan union failed in September, while talks with the Taichung union continue. The unions demand a permanent profit-sharing plan allocating 15% of operating profit to quarterly bonuses. Micron had announced a T$1M cash bonus for Taiwan employees in September, but the union criticized the company for announcing rewards without reaching an agreement. The stock is down about 2% pre-market.
At the time of this announcement, MU was trading at $1,022.98 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.2T. The 52-week trading range was $179.61 to $1,255.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.