Hon Hai, Foxconn International Tumble After Earnings
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Hon Hai Precision Industry Co., the largest contract manufacturer of electronics, and unit Foxconn International Holdings Ltd. fell in Asian trading as earnings missed estimates after wage increases at their China factories.
Hon Hai, which manufactures Apple Inc.’s iPad, lost 6.6 percent to NT$113 as of 12:10 p.m. in Taipei, set for its biggest decline since May 2009. Foxconn International, the world’s biggest contract maker of mobile phones, dropped as much as 10 percent to HK$4.98 in Hong Kong, widening its lead as the worst performer on the benchmark Hang Seng Index this year.