NEW YORK (TheStreet) -- Shares of Micron Technology (MU) are lower -4.32% to $25.70 on Thursday following news the company is no longer the world's number two dynamic random access memory (DRAM) chip producer, having been overtaken by the South Korean company SK Hynix for the 2014 first quarter.
Micron fell into third place for the most recent quarter posting a 28% garner of the global DRAM market, while SK Hynix reported 28.2%, according to a report from marketsmerging.com.
Samsung Electronics (SSNLF) is in first place with 35%.
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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 several positive factors, 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 no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."