The S&P 500 was falling a little more than 14 points, or about 1%, to 1,377.53.
Shares of Micron rose 4.95% to $6.79. The semiconductor company looks like it will win the bid for Japanese chipmaker company Elpida Memory, according to Reuters.
Micron trades at an estimated price-to-earnings ratio for next year of 10.15 times; the average for semiconductor companies is 20.84. For comparison, Analog Devices (ADI) has a higher forward P/E of 13.94.Twenty-one of the 29 analysts who cover Micron Technology rated it buy. Seven analysts gave the stock a hold rating and one rated it sell. The stock has risen 8.11% year to date.
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