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Stocks of US suppliers to ZTE soar after Trump's comments

IANS  |  New York 

Shares of American companies that and other components to Chinese Corp rebounded strongly on Monday, after US said that and are working to get the company back into

Shares of Acacia Communications Inc., a Massachusetts-based optical interconnect selling about 30 per cent of its products to in 2017, spiked 8.73 per cent to $34.25 apiece following Trump's remarks. reports

Shares of Oclaro, a US-based company that made 18 per cent of its revenue from in the fiscal year that ended July 1, 2017, surged 2.92 per cent to $8.82 apiece.

Shares of Lumentum, another US firm that also does substantial sales to ZTE, jumped 2.22 per cent to $64.50 apiece.

All those stocks have suffered big losses since the US imposed a denial of export privileges against ZTE on April 16.

The two sides "are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast," Trump said on Sunday in a tweet.

The added that he has instructed the "to get it done."

appreciates the US position on ZTE, was quoted as saying.

He added that is keeping close communication with the US on specific details and issues that the US side is concerned about.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 07:54 IST
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