In This Article:
We recently published a list of 10 Firms Kick Off Trading Week Stronger. In this article, we are going to take a look at where United Microelectronics Corp. (NYSE:UMC) stands against other firms that kicked off the trading week stronger.
The stock market began the trading week on a mixed note as investors continued to digest President Donald Trump’s new tariff agenda, with all economies expecting to be hit by import taxes.
Among all major indices, only the Nasdaq registered losses, down 0.14 percent. In contrast, the Dow Jones jumped by 1 percent while the S&P 500 grew by 0.55 percent.
Despite the broader market downturn, 10 individual stocks stood their ground, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.
In this article, we named Monday’s top performers and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
A close-up of a state-of-the-art semiconductor wafer foundry.
United Microelectronics Corp. (NYSE:UMC)
United Microelectronics jumped by 9.16 percent on Monday to end at $7.15 apiece as investors cheered news that it is potentially merging with GlobalFoundries Inc.
According to a report by Nikkei, citing news privy to the matter, the merger would see the establishment of a new US company with production capabilities in the US, Asia, and Europe and potentially become an alternative to Taiwan Semiconductor.
Additionally, the new company would aim to secure American access amid potential risks from China competition and tensions between the mainland and Taiwan.
Nikkei said that UMC had previously set sights on either buying or building production plants in the US, but later axed the plan due to costs.
UMC is a Taiwan-based company and the country’s first semiconductor firm, as the result of a spin-off of the government’s Industrial Technology Research Institute.
Overall, UMC ranks 3rd on our list of firms that kicked off the trading week stronger. While we acknowledge the potential of UMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as UMC but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.