Micron Falls After Downgrade

Micron Technology, Inc. MU shares are trading lower by $0.60 (1.7 percent) at $27.60 in Monday's session.

The catalyst for the decline is a downgrade from Goldman Sachs, as analyst Mark Delaney downgraded the stock from Buy to Neutral.

After a lower open, Micron's stock had a brief rally that found resistance just above Friday's low ($27.62) at $27.76 and continued its move lower. It found intraday support at $327.28 and has rebounded back into the mid $27.00 handle.

That low marks the lowest level for the issue since it bottomed on April 27 at $27.09. Since making its two-year high at $29.87 on March 24, its April 13 low ($26.36) has been the low of the retreat.