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Micron Technology

(MU) - Get Micron Technology, Inc. (MU) Report

was down 12.1% in early trading after

Morgan Stanley Dean Witter

cut it to outperform from strong buy and

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lowered it to attractive from buy.

PaineWebber also slashed its 12-month target for the chipmaker to $50 from $110. Semiconductor stocks were broadly lower. The

Philadelphia Stock Exchange Semiconductor Index

was down 2.4%.