Micron Technology Completely Falls Apart

Shares of Micron Technology MU have seen bullish options trading and their were rumors floated yesterday that the company could be an acquisition target for Intel INTC, but the stock has totally fallen apart on Tuesday and has now breached the lower level of its 3 month trading range. The stock has lost almost 7% and is trading at $9.82, a multi-month low. As recently as the end of April, MU shares were trading just under $12 and it looked like there was a chance for a breakout. Only a couple of weeks later, however, and is looks like MU is ready to break down, after punching through a 3 month low of $9.92 and continuing to plunge. Over the last 6 months this has been a great place to buy the stock, but there are very few takers on Tuesday and we could see lower prices in the coming weeks as sentiment appears to have taken a turn for the worse in the name.