Ban on U.S. companies selling to China’s ZTE could really bite this stock [MarketWatch]
ACACIA COMMUNICATIONS (ACIA)
Last acacia communications earnings: 2/18 04:01 pm
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Source: MarketWatch
Ban on U.S. companies selling to China’s ZTE could really bite this stock It’s never good when you’re suddenly banned from selling to a major customer. That’s the position Acacia Communications Inc. ACIA, -35.97% is in Monday after the U.S. Commerce Department said it would prohibit American companies from supplying components to Chinese hardware firm ZTE Corp. 000063, +0.35% for seven years. Acacia shares are off 38% following the report of the ban, which stems from ZTE’s past violation of Iran sanctions and its refusal to punish involved employees as it had promised. The ban is a clear “negative” for Acacia, according to MKM Partners analyst Michael Genovese, who has a neutral rating on the stock. The company said in its latest annual report that it generated 30% of its revenue in 2017 from ZTE. Other optical names that sell to ZTE might be better positioned because they also sell to Huawei and Nokia Corp. NOK, +1.63% Genovese reasoned, as these two hardware manufacturers a
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