Traders Continue To Sell Micron Shares Despite More Sell-Side Defense

Shares of Micron

have recently turned negative in Thursday's session despite an earlier note from Bernstein's Mark Newman suggesting the recent reaction in memory names is overdone. After trading in positive territory for most of the mid-day session, the stock is now down 1 percent to $21.59. Newman believes reports SK Hynix is building a new plant may have created a buying opportunity. The analyst noted SK Hynix will not be adding DRAM capacity with the new plant, instead pointed out the company is in need of added factories in order to uphold the current wafer capacity. Micron shares tumbled nearly 5 percent on Wednesday's session.