Samsung Shares Plummet on Word it Will Shut Down Production of Note 7

TheStreet
Samsung Shares Plummet on Word it Will Shut Down Production of Note 7

Samsung shares have been down as much as 8% in Korean trading as its crisis with the Galaxy Note 7 smartphone gets deeper. Samsung says it has stopped production of the phone, essentially pulling the plug on the phone. The Consumer Product Safety Commission has told customers to power down their Galaxy Note 7's and stop using them while an investigation takes place. Meanwhile, analysts say Apple ( ) could sell an additional 15 million iPhones because of Samsung's problems, that has sent Apple shares to the highest level since December. Oil prices today are retreating but still near the highs of the year. OPEC pumped oil at a record-high volume in September, according to the International Energy Agency. Also officials from 3 OPEC countries say they plan to raise output in the near future. Alcoa ( ) kicks off earnings season after today's closing bell. This will be the final earnings from the industrial company before it splits up.

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