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Samsung value drops a massive $12 billion after Apple victory

Samsung stock drops in the wake of the Apple victory, down to value it held in October 2008

| Business, Financial & Legal News | Posted: Aug 27, 2012 5:33 pm

Not only was Samsung smacked with a $1 billion dollar verdict, they have now been smacked by investors to the tune of $12 billion. Apple, on the other hand, is trading up after the decisive victory over the Korean electronics giant. This shedding of shares by investors has lowered Samsung's value to its lowest point since October 2008.

 

TweakTown image news/2/5/25513_1_samsung_value_drops_a_massive_12_billion_after_apple_victory.png

 

Kawk Joong-bo, an analyst at Samsung Securities said "There was steady buying from foreign investors despite Samsung Group shares weighing in the wake of Samsung's legal loss." According to KitGuru, "Foreign investors bought $309 million in shares while institutional and retail investors sold 116.6 and 199.5 billion won respectively."

 

The stock hit didn't only affect Samsung, it also affected group companies that owned Samsung shares or Samsung's companies in the supply chain, such as Samsung Electro Mechanics Co which saw a 6.4 percent dip in stock value. Like I've said before, Apple's victory over Samsung is going to have far-reaching implications.

NEWS SOURCE
Kitguru.net

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