Why LG Display Co. Stock Fell 11% Today
Shares of LG Display (NYSE: LPL) fell as much as 10.9% on Thursday morning, but recovered to a smaller 8.1% drop as of 3:30 p.m. EDT.
A report in Taiwan-based semiconductor paper Digitimes said that LG Display is losing a contract to supply OLED panels for Xiaomi Technology's next round of flagship smartphones. Instead, that contract for 3.2 million screens is moving to crosstown rival Samsung (NASDAQOTH: SSNLF). The lost contract was reportedly due to supply-side issues, as the screens were slated for production in a new manufacturing plant that is having trouble ramping up its OLED production.
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Source: Fool.com