Micron Down 5.8% Ahead of Earnings Report After the Close
Micron Technology (MU) - Get Micron Technology, Inc. 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 Intel Corporation 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
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S&P 500 Index
, replacing
J.P. Morgan
(JPM) - Get JPMorgan Chase & Co. Report
, which is merging with
Chase Manhattan
(CMB)
.
