US Stock Alert: Memory Chip Stocks Slip at Open, SanDisk Tumbles Nearly 10%
Stock News
1 hour ago
On Monday, US-listed memory chip stocks retreated in early trading, with SanDisk Corp. (NASDAQ: SNDK) falling nearly 10% and Micron Technology (NASDAQ: MU) along with SK hynix (NASDAQ: SKHY) both dropping over 6%.
The selloff was sparked by Samsung's shareholder return program, which fell short of market expectations. The details of its massive payout plan disappointed investors, as analysts noted that the third-quarter dividend came in below forecasts and no share buyback was announced, offering no additional upside surprises.
As the industry bellwether, Samsung's negative sentiment weighed heavily on other memory chip stocks, dragging the entire sector lower during the session.
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