Micron Down 5.8% Ahead of Earnings Report After the Close

Micron Technology (MU) - Get Report was down 5.8% in early trading. The chipmaker is due to report fourth-quarter results after the close today. Merrill Lynch cut its price target on Micron to $70 from $120, citing an oversupply of memory chips and lagging demand.

Other chipmakers were down across the board. Sector bellwether

Intel

(INTC) - Get Report

was down 0.4%, bouncing after a sharper fall at the open.

Applied Micro Circuits

(AMCC)

was down 1.4% despite the announcement that it would be added to the

S&P 500 Index

, replacing

J.P. Morgan

(JPM) - Get Report

, which is merging with

Chase Manhattan

(CMB)

.