SK Hynix Tumbles 15% in South Korea, Leading Semiconductor Drop

Price Action

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Summary · why it matters

Memory stocks dipped this morning after SK Hynix stocks plunged in South Korea. The chipmaker soared last week after its debut on U.S. exchanges, but investors sold off today following a brokerage report suggesting it may not meet its quarterly profit estimates. The jitters dragged on peers including Micron Technology, Seagate Technology, and Sandisk. Meanwhile, Biogen gained following a Truist upgrade citing optimism for the company’s Alzheimer’s pipeline.