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
was down 0.4%, bouncing after a sharper fall at the open.
Applied Micro Circuits
was down 1.4% despite the announcement that it would be added to the
S&P 500 Index
, which is merging with