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. 

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Source Fool.com