Micron Rises 7.2% Despite Estimate Cut

Micron Technology

(MU) - Get Report

was up 7.2% in late morning trade.

UBS Warburg

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%.