Micron Rises 7.2% Despite Estimate Cut
Micron Technology
(MU)
was up 7.2% in late morning trade.
UBS Warburg
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sliced its 2001 earnings estimate for the memory chip maker to $1.25 per share from $2.46 and cut its 2002 forecast to $3.60 from $4.68. The brokerage cited a drop in processor prices and cutbacks in capital spending by Micron's customers.
Other chipmakers were mostly higher. The
Semiconductor Index
(SOX)
was up 2.8%.
