Note 7 saga wipes out $17 billion from Samsung's market cap
Samsung shares caught the Note 7 flu today
Meanwhile, the statement that Samsung posted today in Korea, wiped out more than $17 billion of market cap from the company's stock, which was down more than 8% when the stock exchange closed. Ouch. Of course, market cap is not like solid revenue or profit figures, but this virtual sum is pretty large even for a conglomerate like Samsung. The company should be thankful that the battery fiasco isn't happening with its bread-and-butter Galaxy S line, but rather with the niche Note market, as the repercussions then would have been even more disastrous.
source: Bloomberg
FCC OKs Cingular\'s purchase of AT&T Wireless
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