Why MagnaChip's Stock Is Trading Higher Today

MagnaChip Semiconductor (NYSE:MX) shares are trading higher on Tuesday, after the company announced an agreement to sell its Foundry Services Group business and Fab 4 factory for $435 million.

MagnaChip Semiconductor Corp designs and manufactures analog and mixed-signal semiconductor platform solutions. The company's product portfolio consists of large display solutions, mobile display solutions, sensor solutions, LED solutions, mobile solutions, and power conversions.

MagnaChip Semiconductor shares were trading up 21.89% at $11.47 on Tuesday. The stock has a 52-week high of $16.06 and a 52-week low of $6.30.