Tech stocks gain as US confirms ZTE deal
Business Secretary Wilbur Ross says the US has hit an arrangement with ZTE to end sanctions.
ZTE should pay a $1B punishment in addition to place $400M retained to cover future infringement and insert a US-picked consistency group. ZTE likewise needs to change its board and official group in the following 30 days.
Potential movers on the news: ZTE providers Acacia Communications ) nd Oclaro in addition to Qualcomm and NXP Semiconductors since facilitated strains could maShares of Acacia Communications Inc. ACIA, +1.59% are up 5.1% in premarket trading after Commerce Secretary Wilbur Ross confirmed on CNBC that the U.S. has reached a deal with China’s ZTE. The U.S. had previously banned American companies from selling technology to ZTE for seven years, after ZTE failed to adequately punish employees for violating prior Iran sanctions. Acacia, which generated 30% of its revenue from ZTE last year,ke a securing endorsement more probable.
Acacia Communications shares are up 4.9%.
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