Micron Technology shares spiked nearly 4 percent in after-hours trading after it announced a deal with Intel to make and ship the next generation of chips used in flash drives and digital cameras.

And then came news that Micron would buy back $10 billion in shares.

It was already a good day for Micron. Shares were up 3.9 percent for the day after the chipmaker raised expectations for its fiscal third quarter ending in May. It now expects sales in the quarter to be in the range of $7.7 billion to $7.8 billion, up from previous guidance set at $7.2 billion to $7.6 billion. The stock is up nearly 35 percent this year.

Intel shares reacted more modestly, up 0.24 percent in after-hours trading after climbing $1.5 percent on Monday.

Source: Tech CNBC
Micron shares spike in after-hours trading after a deal with Intel