NEW YORK (TheStreet) -- Micron Technology (MU) plunged by double digits Friday after its earnings miss, pulling a number of big chip companies down with it from Intel (INTC) to Advanced Micro Devices (AMD). Facebook (FB) edged higher after an analyst initiated coverage with a buy rating and $104 price target. FireEye (FEYE) tanked following an analyst downgrade.
Micron Technology plummeted 18.2% to end the day at $19.66.
The DRAM maker cited greater weakness than expected in the PC sector as having an effect on its fiscal third-quarter results, as well as prompting it to issue a softer than expected fourth quarter forecast.
In attributing a larger than anticipated weakness in PCs, Micron's quarterly results dragged down other industry players. Intel closed down 3% to end the day at $31.02, while Advanced Micro Devices slipped 4.3% to finish the session at $2.47.
According to an Investor's Business Daily report, Micron's CEO Mark Durcan said, "In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector."
Facebook edged up 0.03% to finish the day at $88.01.
The social networking giant rose after Neil Doshi at Mizuho Securities initiated coverage on the company with a buy rating and a $104 price target, according to a CNBC report. Doshi said the company is able to scale beyond its reliance on advertising revenue and he pointed to his expectations Facebook still has a lot of room to grow its user base.
Doshi believes Facebook's Instagram user base of 300 million users could eventually grow into a $1 billion-plus business. He added it would not be a stretch to see Facebook's WhatsApp and Messenger services reach a combined two billion users.
He noted it may be a while before WhatsApp and Messenger develop meaningful revenue but thinks there is a "big opportunity" with the two messaging services.