Samsung Stock Craters As It Ends Production of Galaxy Note 7 Smartphones
Samsung stock sank as it ended all production of its Galaxy Note 7 phones after replacement phones caught fire too.
It's official. Samsung is ending production of its Galaxy Note 7 smartphones. That means Samsung will be without a high-end smartphone during the holidays, when it had hoped to compete against Apple (AAPL) - Get Report . Samsung had recalled the Note 7 last month on reports that some phones exploded. It decided to end production for good after replacement phones caught fire too. Samsung's shares closed sharply lower on Tuesday, and Thomson Reuters reported the company lost about $18 billion won in value with that decline in its shares.
