“AMS AG fell the most in six months after a newspaper reported that the Austrian chipmaker has lost further contracts to supply parts for Apple Inc.’s devices,” Kim McLaughlin reports for Bloomberg.
“AMS shares plunged 26 percent to 27.95 Swiss francs at 4:40 p.m. in Zurich, where the stock is listed, giving the company a market value of 2 billion francs ($2.1 billion),” McLaughlin reports. “Apple is replacing AMS as supplier for a microphone component and has postponed an order for chargers from the Unterpremstatten, Austria-based manufacturer, Finanz und Wirtschaft reported, citing sources it didn’t name.”
McLaughlin reports, “Contracts worth more than 100 million euros ($110 million) may be affected, the newspaper said.”
Read more in the full article here.
MacDailyNews Take: Ouch.
Totally unsubstantiated market manipulation.
This is a market based on pure speculation and it can certainly be disastrous for companies needing investors to continue operations. It just seems so easy to fabricate rumors to damage a company if someone has an axe to grind.
That doesn’t make any sense. Wall Street has already implied that Apple is in a hopeless downward spiral so this dissociation should be GOOD news for AMS. /s