Is Micron Technology a Buy After Its Latest Plunge?

The coronavirus outbreak has cast a pall of gloom over chip stocks in recent trading sessions. After starting the year off on the right foot, the semiconductor sector has taken a beating of late as the epidemic has started affecting key technology players such as Apple (NASDAQ: AAPL).

The iPhone maker's reduced revenue guidance for the current quarter has sparked panic among investors as it indicates that the chip recovery that was anticipated to take place in 2020 might be delayed. Not surprisingly, high-flying chip stock Micron Technology (NASDAQ: MU), which relies on the likes of Apple and has strong exposure to China, is witnessing a sell-off along with the entire sector.