“On July 30, South Korea’s stock market stood at its highest level in three years, buoyed by optimism over a new government stimulus plan and an expected interest-rate cut,” Jonathan Cheng reports for The Wall Street Journal. “Then Samsung Electronics Co. (005930.SE) intervened.”
“Now, the broader Korea Composite Stock Price Index, or Kospi, is back down at a two-month low, trading at roughly the same level it started the year,” Cheng reports. “A major reason is Samsung, the world’s largest maker of smartphones and televisions, which accounts for 14.4% of the South Korean stock market’s overall capitalization—roughly the same as the next five biggest companies combined. When Samsung catches a cold, the [Korean] market sneezes.”
“Last week, Samsung shares fell to their lowest level in more than two years, as analysts scrambled to lower their profit outlooks for the company ahead of the end of the third quarter on Tuesday. The primary concern is heightened competition both from cheap Chinese competitors and from Apple Inc., whose newly-enlarged iPhone 6 and iPhone 6 Plus have eaten into Samsung’s core business. Apple sold more than 10 million new devices just three days after its launch in September,” Cheng reports. “All told, Samsung shares are down more than 10% for the quarter. At their nadir last week, the shares had fallen 22% from a recent high in early June, wiping out $42 billion in market capitalization in less than four months.”
Read more in the full article here.
MacDailyNews Take:
Gee, that’s too bad. 🙂
An iPhone with a larger screen option will hurt Samsung immeasurably more than myriad, unending traipses through the legal morass. – MacDailyNews, May 2, 2014
Have a nice, warm and toasty Christmas quarter and beyond, convicted patent infringers!
Smart buyers don’t settle for less than the best. With Apple’s all new, 2nd-generation 64-bit A8-powered smartphones, the gorgeous 4.7-inch iPhone 6 and the stunning 5.5-inch iPhone 6 Plus, there’s never been a better time to stop settling for imitations and make the move to the real thing. You’ll be very glad you did.
[Thanks to MacDailyNews Reader “RK” for the heads up.]
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재수
This latest Korean stock market plunge is just another ScamShame ‘feature’ or ‘inovation.’ ScamSome is good at innovation as evidenced by their built in business card holder. ScamSham also innovated the naming scheme for their electronics. For example the Galaxy Note x (3,4,5) series.ShameScam uses SameScam Innovative Numbering Scheme (SINS) which is Scheme With Incremental Designation for Lame Electronics (SWINDLE,) Who says ShameSham doesn’t innovate?! 🙂
Scheme With Incremental Number Designation for Lame Electronics – SWINDLE (sorry left out the ‘N’ in previous post.). 🙂
That playlist was as entertaining as a marathon of “Friends.”
I wonder how those Note 4 “Special Business or Credit Card Slot Edition” (not a defect but a “feature”) phones are selling?
AAPL was not any help to the NASDAQ today either now was it? Everything in the market was green except for AAPL. What a joke.
That has nothing to do with Apple and more to do with wall street manipulating the market price of apple to appease there corruption and greed for the almighty dollar. Apple is far and away more profitable than samsung and actually does innovate unlike the Korean shyster.
Who was ground down in the end.
Who was found dead on the phone.
Who was dragged down by the stone.