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Why Micron Technology Stock Crashed Today

TheMotleyFool

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Why Micron Technology Stock Crashed Today: https://g.foolcdn.com/editorial/images/709710/technician-examining-an-uncut-semiconductor-wafer.jpg

Shares of memory-chip producer Micron Technology (NASDAQ: MU) fell as much as 6.1% on Wednesday. The company spooked investors when it announced production cutbacks in the fourth quarter due to weak demand for DRAM and NAND memory chips.

Micron issued a press release before Wednesday's opening bell, outlining how the company is adapting to a market that's weaker than expected.

The company has decreased the number of wafer starts by approximately 20%, compared to the fiscal fourth quarter that ended on Sept. 29. Micron is also considering cuts to its planned capital expense investments in manufacturing facilities.

Source Fool.com

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