NEW YORK ( TheStreet) -- Micron Technology ( MU) was the best-performing stock in the S&P 500 on Friday morning. 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. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.