Why STMicroelectronics Stock Fell Today
Shares of STMicroelectronics (NYSE: STM) slid this morning after the company said that it will postpone its $12 billion annual sales target by an additional year.
The tech stock fell by as much as 13.5% today and was down by 13.3% as of 12:12 p.m. EST.
Speaking at the company's Capital Markets Day, CEO Jean-Marc Chery said today that his company will reach its $12 billion annual sales goal in 2023, a year later than it had initially estimated.
Source Fool.com