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Micron Down 5.8% Ahead of Earnings Report After the Close

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Micron Technology (MU) - Get Free 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


(INTC) - Get Free Report

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

, replacing

J.P. Morgan

(JPM) - Get Free Report

, which is merging with

Chase Manhattan