Micron shares lose $19 billion in a single day

Micron shares fell 16% in yesterday’s session, suffering their biggest daily loss in about five years, and the company lost $19 billion in market value in a single day

The losses came after the company reported revenues that fell short of expectations for its fiscal second quarter.

The chipmaker revealed sales of $7.9 billion, compared to expectations of $8.3 billion. As a result, Bank of America downgraded the stock to “neutral” from “buy”, and reduced its price target to $110 from $125.