5/20/2019, 12:26 PM (Source: TeleTrader)
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STMicroelectronics drops over 9% on possible Huawei ban

Shares of Swiss-headquartered semiconductor manufacturer STMicroelectronics N.V. dropped over 9% after it was reported that it plans to hold a meeting this week to decide whether to continue shipping to one of its biggest customers, Huawei Technologies Co., after the Chinese company was put on a blacklist by the United States.

The same report said that German chipmaker Infineon already decided to stop selling its technology to Huawei, sending its shares down.

STMicroelectronics plunged 9.11% at 12:10 pm CET, to €14.16 per share, performing the worst by far on the CAC 40 which fell 1.06% at 12:15 pm CET. The company announced the repurchase of 347,605 ordinary shares (around 0.04% of its issued share capital) at the weighted average purchase price per share of €14.8722 and for an overall price of €5.17 million.

Breaking the News / NI