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Micron Technology (MU) Stock Down as Memory Chip Prices Fall

NEW YORK (TheStreet) -- Shares of Micron Technology (MU - Get Report) are down by 4.31% to $9.66 late Thursday morning, as the demand for personal computers rise and memory chip prices fall, resulting in the company issuing weak 2016 third quarter guidance.

After the June 27 market close, the Boise-ID data storage manufacturer expects to report for its third quarter a loss of 5 cents to 12 cents per share on revenue in the range of $2.8 billion to $3.1 billion. Analysts expect Micron to report a loss of 4 cents per share on $3.2 billion revenue.

On Monday, Parnassus Fund (PARNX) issued a statement saying that Micron was its "worst performer," noting that the company has been battling a decline in memory chip prices for more than a year.

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