Samsung Electronics shares plunge despite strong earnings, U.S. semiconductor index 4.6% lower
U.S. Eastern Time 7day, U.S. semiconductor stocks also fell as Samsung Electronics shares plunged despite the company announcing quarterly earnings above expectations. The Dow fell 2points to close at 130.76and the Philadelphia Semiconductor Index fell 52,925.15%. Military tensions in the Middle East's Strait of Hormuz also added to the downward pressure that day.4.6%%%
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In the New York stock market at U.S. Eastern Time 7day, Samsung Electronics' 2quarterly earnings announcement sent its shares plunging, shocking the market. Samsung Electronics announced that its 2quarterly earnings exceeded expectations. Nevertheless, its shares plunged.
The Dow Jones30Industrial Average closed 130.76points(0.25%) lower than the previous session at 52,925.15.
The Standard & Poor's 500Index and the Nasdaq also declined. The Philadelphia Semiconductor Index fell 4.6%.
Samsung Electronics’ sharp share-price decline put selling pressure on semiconductor stocks listed in the United States. Large-scale sell-offs emerged across the group.
According to local reports, military tensions intensified as Iran resumed provocations in the Strait of Hormuz. Geopolitical tensions added to the burden on investor sentiment.
This trend was also referred to as “wag the dog.” It was described as a case in which news about a South Korean company affected major U.S. indexes.
The figures above, including the market closing time and indexes, are based on the local close. They may change if additional disclosures or follow-up announcements are released afterward.
Sources: 연합인포맥스
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