Micron is under pressure today, trading down 4.70% after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron's results were impacted by declining demand for electronics, and the company announced it will cut about 10% of its workforce.
Price action has been trending to the downside, following a couple of double top formations playing out technically. Most recently, a neckline breach around $50.55, watch for a retest, ahead of further potential selling. Targets eyed at $38.55.