Micron Traders Not Impressed With Microsoft Partnership

Micron Technology, Inc. MU shares are trading lower by $0.60 (2.3 percent) at $26.72 in Monday's session, after being higher by $0.44 off the opening bell.

At first, it appeared the stock was going to get a big boost from a partnership with Microsoft Corporation MSFT "that aims to address the major challenge of providing trusted computing models for IoT deployments in industrial, automotive and consumer environments."

However, the stock peaked a few pennies above its opening print at $27.76 and sharply reversed course. It easily cut through Friday's close ($27.32) and low ($27.16) and continues to make new lows for the session as $26.65 stands as the low for the day as of 10:46 a.m. EST.

It's now approaching its lowest level since it made a three-year high on March 27 ($29.87) at its April 13 low of $26.36.