A 30% stock decline usually grabs investors’ attention. Some immediately see a buying opportunity. Others worry that the stock could fall even further.

Micron‘s (MU -0.44%) recent correction has sparked exactly that debate.

But before deciding whether to buy the stock, investors should ask a simple question. Has Micron become cheaper? Or have investors simply become less optimistic?

The answer could determine whether today’s pullback represents an opportunity or a warning.

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A lower stock price doesn’t always mean a better investment

Many investors make the same mistake after a sharp correction. They compare today’s stock price with yesterday’s.

Micron recently traded near an all-time high. Today, the stock…