Heavy Selling Pushes Micron Shares Down 8%, TGIF

Happy Friday for Micron Technology Inc.(NYSE:MU) shareholders as they watched their holdings plunge 8% to just under $8 a share.  After a recent run up this month from $7.40 to $8.90 investors are locking in profits to avoid being stuck with the Gollum of the Semiconductors.

Micron shares were moving today on 2X the daily average volume and despite today's 8% drop in the last 3 months MU has jumped 38%.  However, its not just Micron that is feeling some pain today, the entire semiconductor sector along with the majority of the tech stocks are down today.   The Philadelphia Semiconductor Index fell by 2.9% as the decline is dragging the index further off of its best closing level in thirteen months, set earlier in the week.

Not to worry Micron shareholders, if you put your trust in Jim Cramer (Gollum Style) he's telling the public its too soon to sell Micron and other chip makers.

(BloggingStocks.com) The Street.com's Jim Cramer says that it's too soon to think about selling the semis, the PCs, the components, the DRAMs.

When do we sell the semis? The DRAMS? The flash? When do we get out of the hard drives?

These are legit questions, but the people who are asking, "When do we sell Micron (NYSE: MU) (Cramer's Take), Western Digital (NYSE: WDC) (Cramer's Take) and SanDisk (NASDAQ: SNDK) (Cramer's Take)?" are the very people who told you never to own them.

That's the conundrum of this semi cycle and PC cycle. Just as we are finally hitting our stride and we realize that the semi cycle is alive and well again, AND NOT JUST RE-STOCKING, all over the papers, including the Wall Street Journal, we see reports crying, "When do we sell?"

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