Micron Technology (NASDAQ:MU) shares are getting slammed over 2% after Gartner Group (NYSE:IT) said worldwide semiconductor industry (NYSE:SMH) revenue will decline 0.1% in 2011 to $299 million. The research firm previously had predicted 5.1% growth for the industry.
Micron trades at a P/E ratio of about 11 which is higher than its industry peers. The company also trades at a sales multiple of 0.8 which is lower than its industry rivals. On the technical front, shares trade well below their rising 200 day moving average, but above the declining 50 day moving average. The MACD is bullish while RSI is pointing down at 61.
Other semiconductor stocks are reacting positively to Windows 8 (NASDAQ:MSFT) and positive iPhone news (NASDAQ:AAPL): Intel (NASDAQ:INTC) up 1.8%, ARM Holdings (NASDAQ:ARMH) up 0.55%, AMD (NYSE:AMD) up 1.9%, and Broadcom (NASDAQ:BRCM) up 0.2%.