Why Micron Technology (MU) Is Falling Today

NEW YORK (TheStreet) -- Micron Technology (MU) was falling 1.6% to $24.70 Wednesday after the company agreed to pay $66.7 million to settle an antitrust lawsuit.

The antitrust lawsuit was brought against Micron and 11 other DRAM makers including Samsung by Idaho and 34 other states. All chipmakers involved will pay a total of $311 million, with Samsung paying $113 million. Micron's $66.7 million is the second highest amount out of the 12 companies involved.

As part of the settlement consumers can file claims to recoup money they overpaid as a result of anti-competitive practices used by the chipmakers to inflate prices.

Must read: Warren Buffett's 10 Favorite Dividend Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

If you liked this article you might like

Stocks Claw Back From Session Lows as Markets Digest North Korea Threat

North Korea Threat Resurfaces to Drag Stock Futures Lower

7 Essential Rules for Investing in Tech Stocks

Wall Street Deflates in Pullback After Fed Excitement, No Records for Dow