Cellphone maker Foxconn dives as Motorola woes weigh
HONG KONG, June 24 (Reuters) - Shares in Foxconn International (2038.HK: Quote, Profile, Research) slid 4 percent to their lowest level in over two years on Tuesday on fears that market share erosion at major client Motorola (MOT.N: Quote, Profile, Research) will pummel its bottom line.
Stock in Foxconn, an arm of top Taiwan electronics parts maker Hon Hai (2317.TW: Quote, Profile, Research) that makes cellphones on contract, has lost nearly half its value this year. It was the worst-performing stock in the benchmark Hang Seng Index .HSI on Tuesday.
Motorola (MOT.N: Quote, Profile, Research), long Foxconn's biggest client alongside Nokia (NOK1V.HE: Quote, Profile, Research), dived 7 percent on Monday to a five-year low after analysts downgraded it on fears it cannot staunch market share losses in North America [nBNG194861].
(Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)
((vinicy.chan@reuters.com ; +852 2843 6545; Reuters Messaging: vinicy.chan.reuters.com@reuters.net)) Keywords: FOXCONN/SHARES
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