Micron Falls 5.2% on Downgrade, Feels Nortel Strain - TheStreet

Micron Technology

(MU) - Get Report

fell 5.2% in early trading after

Banc of America Securities

downgraded it to buy from strong buy along with several other chip stocks.

The move, in the wake of today's

Nortel

(NT)

disappointment this week, was a response to concerns about demand from optical, PC and wireless sectors.

Among other downgraded stocks,

Atmel

(ATML)

was down 5.7% and

Semtech

(SMTC) - Get Report

was down 8.3%. The

Semiconductor Index

(SOX)

was down 5.6%.