NEW YORK (TheStreet) -- Chip maker Micron Technology (MU) is one of 30 components of PHLX Semiconductor Index, also known as the SOX. Micron has gone from a leadership role in 2014 to a major drag in 2015.

In 2014, Micron had an annual gain of 61%, helping the SOX gain 28.4%. So far in 2015, Micron is down 31.3% year to date, with the SOX hanging onto a gain of just 4.3%.

With this reversal of fortune, it will be difficult for Micron to significantly turn things around when the company reports quarterly results after the closing bell on Thursday.

Analysts expect Micron to earn 58 cents a share, revised down from 63 cents a share a week ago. Some say the company will earn 57 cents a share, so the earnings bar has been lowered as the technicals have been weakening.

Jim Cramer cautions investors to be careful about investing in this stock. Also adversely affecting the stock is a lowered share price target to $40 from $50 at Needham.

Here's the daily chart for Micron.

Courtesy of MetaStock Xenith

Micron had a close of $24.06 on Wednesday, down 31.3% year to date and 34.2% below its multiyear intraday high of $36.59, set on Dec. 8. The index is below the "death cross" of its 50-day and 200-day simple moving averages of $27.03 and $30.27, respectively.

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