Micron, Chip Stocks at Risk of Deteriorating Industry Fundamentals: Morgan Stanley

Shares of global chip makers took a tumble on Thursday following a warning from one large equipment company executive and a Wall Street firm citing rising pricing pressure and inventories in the red-hot market. In a "Sound Bites" audio call on Wednesday, Morgan Stanley analysts were bearish on shares of memory chip players like Micron Technology Inc. (MU), stating that demand has deteriorated versus expectations, as reported by CNBC. Meanwhile, KLA-Tencor Corp. (KLAC) Chief Financial Officer (CFO) Bren Higgins lowered his outlook for the remainder of 2018 at a tech conference on Thursday, stating that the December quarter "feels like it will be up a lot less" than initially forecasted.