AMS Plunges on Report Apple Is Replacing Its Chips in Devices
- Contracts worth more than $110 million are affected: report
- Shares decline as much as 26 percent in Zurich trading
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AMS AG fell the most in six months after a newspaper reported that the Austrian chipmaker has lost further contracts to supply parts for Apple Inc.’s devices.
AMS shares plunged 26 percent to 27.95 Swiss francs at 4:40 p.m. in Zurich, where the stock is listed, giving the company a market value of 2 billion francs ($2.1 billion). They declined as much as 27 percent, the steepest intraday loss since June 10. About 3.5 million shares changed hands, more than eight times average for the past three months.