Why did United Microelectronics stock drop today?
Dec. 08, 2021 3:40 PM ETUnited Microelectronics Corporation (UMC)MUBy: Chris Ciaccia, SA News Editor12 Comments
- United Microelectronics (NYSE:UMC) shares are falling nearly 7% to $11.72 after JPMorgan downgraded shares to neutral from overweight.
- More than 10.5 million shares changed hands, compared to an average daily volume of just over 7.6 million.
- Despite the deep decline, shares of United Microelectronics (UMC) have gained more than 45% year-to-date.
- Earlier this week, Taiwan-based United Microelectronics (UMC) said that sales climbed 33% in November to NT$19.66 billion, compared to NT$19.16 billion in October.
- In November, United Microelectronics Corporation (UMC) and Micron Technology (NASDAQ:MU) said they had settled a long-standing conflict between the two companies. United Microelectronics (UMC) said it would make a one-time payment of an undisclosed amount to Micron (MU).