Micron's Shares Slump After China Restricts Sales

Amid rising tensions between Washington and Beijing centered around technology, China on Sunday banned major Chinese information-infrastructure companies—telecommunications companies and big banks among them—from buying Micron chips. The move followed a cybersecurity review that the U.S. Department of Commerce said had “no basis in fact.” That ban moved quickly to Micron's shares early Monday, with the stock down by around 4% on news that it could lose close to a tenth of its sales as a result of China’s decision. Mark Murphy, Micron’s chief financial officer, said at an investment...