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Lam Research, Applied Materials, KLA stocks drop after Micron says it will cut capital expenditures

·1 min read
Lam Research, Applied Materials, KLA stocks drop after Micron says it will cut capital expenditures

Shares of chip-equipment companies Lam Research Corp. , Applied Materials Inc. and KLA Corp. are falling in Tuesday morning trading after Micron Technology Inc. said it would cut capital expenditures for fiscal 2023 more than it had previously indicated. Lam shares are down 7.2%, while Applied Materials shares are off 6.5% and KLA shares are dropping 6.1%. Micron's announcement came as the company warned that it could fall at or below the low end of its prior revenue forecast for the August quar