Why Micron Shares Are Falling

Micron Technology, Inc. MU shares are trading lower by 2.71% to $52.50 during Wednesday's session after Morgan Stanley maintained an Underweight rating on the stock.

Morgan Stanley says, though Micron has a healthy balance sheet and continues to execute well in terms of product roadmaps and like-for-like price declines, Morgan Stanley's cautious view is driven by challenges they foresee in the next 12 months vs. optimistic consensus. 

Micron shares have otherwise been volatile over the trailing month amid a rise in treasury yields. The weakness in the overall market may also be weighing on the sector following jobless claims data for September that was released last week which came in below estimates, which has added to concerns of further Federal Reserve action to curb the tight labor market.

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According to data from Benzinga Pro, Micron has a 52-week high of $98.45 and a 52-week low of $48.45.