Huawei Suppliers’ Stocks Hit Hard After Arrest of Key Executive
Stocks of Huawei Technologies Co.’s U.S. suppliers plunged Thursday on reports that the Chinese telecom equipment giant’s chief financial officer (CFO) had been arrested in Canada, but were recovering in after-hours trading.
NeoPhotonics Corp., a California-based manufacturer of semiconductor products, saw its shares dive over 16%. According to Bloomberg News, the company derives 47% of its revenue from Huawei. Shares of Inphi Corp., another California-based semiconductor company that gets about 14% of its revenue from Huawei, plunged over 9%. Shares of Broadcom Inc., which sells chips to Huawei, dropped 2.07%. Shares Qualcomm Inc., another Huawei chip supplier, dropped as low as 2.5% in intraday trading but ended the day unchanged. Shares of NeoPhotonics, Inphi and Broadcom all were rebounding in after-hours trading.
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