Why ACM Research Stock Plunged Today
Shares of ACM Research (NASDAQ: ACMR) were tumbling today as the maker of semiconductor cleaning equipment fell in sympathy with Semiconductor Manufacturing International (OTC: SMIC.Y) (SMIC), a chipmaker and customer of ACM that may get blacklisted by the U.S. Department of Commerce. The news also triggered an analyst downgrade on ACM Research.
As of 2:53 p.m. EDT, ACM shares were down 28.3%, while SMIC stock had fallen 20.3%.
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Source Fool.com