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Note 7 fiasco: Samsung stock down 7.5%, $17B market cap wiped out
Posted on 10/11/16 at 5:11 pm
Posted on 10/11/16 at 5:11 pm
quote:
South Korea's Samsung has told all Galaxy Note7 owners to turn off their phones, even if it is one of the replacement pieces.
Less than a month after the recall and exchange program was first announced, the company is permanently ending all production, sales and replacement of the phone. In what appears to be a never-ending PR nightmare for the firm, it has been found that replacement phones are prone to exploding as well. A man in Kentucky woke up to a room full of smoke emitted from a replacement phone two days ago and recently a Southwest plane had to be evacuated when a replacement phone caught fire.
American carriers AT&T, Sprint, Verizon and T-Mobile had already suspended sales before yesterday's press release in which the company said it would be halting production.
We now know this won't be a temporary halt. According to the Associated Press, Samsung revealed its decision to permanently end production in a regulatory filing today. Earlier in the day, South Korean newspaper Hankyoreh reported that unnamed sources said the company will stop Note7 sales completely.
LINK
2
Posted on 10/11/16 at 6:15 pm to Street Hawk
they didnt copy the whole exploding phone thing from apple
Posted on 10/11/16 at 6:17 pm to Street Hawk
What's the ticker symbol? Irrational exuberance will lead to the stock rebounding over time.
Posted on 10/11/16 at 7:13 pm to boosiebadazz
Time to buy.
Posted on 10/11/16 at 8:07 pm to lynxcat
No kidding. What a drop over a phone
Posted on 10/11/16 at 10:14 pm to HailToTheChiz
Wonder if this will significantly help Apple sell some iPhones to close out the year? That phone was basically apple's biggest rival and now they can't even sell it.
Posted on 10/12/16 at 7:20 am to RebelExpress38
Probably helps Google sell phones, too. People wanting to stick with Android
Posted on 10/12/16 at 7:58 am to boosiebadazz
Samsung doesn't have a domestic ticker. You have to buy it in South Korea or i think London.
Some trade OTC fomestically, but usually suffer from poor volume and large bid/ask spreads.
This is from memory, i was going to add it to my watch list when the news first broke about the note.
Some trade OTC fomestically, but usually suffer from poor volume and large bid/ask spreads.
This is from memory, i was going to add it to my watch list when the news first broke about the note.
Posted on 10/12/16 at 8:21 am to RJSambola
i heard apple hacked the software and planted a virus to explode the phones. Hillary told me the Russians had something to do with it
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