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BUZZ-GlobalFoundries rises after report on new US chip production rule

Reuters09-26

BUZZ-GlobalFoundries rises after report on new US chip production rule

** Shares of chipmaker GlobalFoundries GFS.O rise 8% to $35.48 premarket

** WSJ reports Trump administration planning a levy on chip firms that do not sustain production target

** Administration to provide credit to companies pledging to make chips domestically, and allow tariff-free import until the plan is completed, per WSJ report

** Reuters could not confirm the report

** GFS, world's third-largest foundry, operates state-of-the-art semiconductor manufacturing facility in New York

** 11 of 21 brokerages rate stock "buy" or higher, 10 "hold"; median PT is $40 - data compiled by LSEG

** Up to last close, stock down 23.5% YTD

(Reporting by Avinash P in Bengaluru)

((Avinash.P@thomsonreuters.com;))

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Comment（1）

  • Steverunner
    ·09-27
    Hopefully that translates to more customer orders for its US fabs.
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