Shares of Micron Technology rose Wednesday after the company announced a surprise first-quarter profit on strong demand for memory chips.

The Boise, Idaho-based company had net income of $1 million for the first quarter of its fiscal 2004, which ended Dec. 4, on sales of $1.1 billion. That compares to a $316 million net loss on sales of $685 million in the same period a year earlier.

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