Acacia stock plunges after U.S. bans component sales to China's ZTE

Discussion in 'Market News' started by sniper-academy, Apr 16, 2018.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Shares of Acacia Communications Inc. plunged 23% in Monday morning trading after the U.S. banned American companies from selling components to China-based ZTE Corp. ZTE pleaded guilty to conspiring to violate U.S. sanctions by shipping goods to Iran, according to Reuters, which reported on the ban this morning. ZTE accounted for 30% of Acacia's revenue in 2017, according to the company's most recent annual filing. Shares of Acacia were down 26% over the past 12 months as of Friday's close. The S&P 500 was up 14% in that time.

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