Jim Cramer -- Micron, Other PC-Tied Chip Stocks Continue to Struggle

NEW YORK (TheStreet) -- Micron Technology  (MU) shares are plunging nearly 19% Friday after is poorly received third-quarter earnings report. 

It's a tough time for chip makers, particularly those in the [personal computer] market, TheStreet's Jim Cramer, co-portfolio manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. 

"You can't be PC-related. It's terrible," he added. That's why it makes sense that Intel (INTC) is acquiring Altera (ALTR) as it looks to diversify its business. 

MU Chart
Intel INTC and Micron MU data by YCharts

On biotech, Cramer looked at Alder Biopharmaceuticals (ALDR) for the second time on Friday. After praising the company, he said it seems likely it will be acquired at some point. 

He also likes Horizon Pharma (HZNP), pointing out analysts at UBS raised their price target on the stock to $40 from $32. While shares have doubled this year, "it can go up another 10%," Cramer said. 

As for Greece, he sees it as unlikely that a debt deal will get done this weekend. 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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