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.

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Source Fool.com