Samsung Bears Win After Stock Swings on `Shock' Profit Miss
- Stock falls 1.7% after wiping out earlier gain of 1.2%
- Weaker 1H 2019 results ‘inevitable’ after 4Q Disappoints: CIMB
This article is for subscribers only.
Samsung Electronics Co. ended the day weaker, giving into bears worried about the outlook for the first half following today’s disappointing fourth-quarter earnings estimates.
The shares swung between a gain of as much as 1.2 percent and a loss of 2.1 percent before finishing the day 1.7 percent lower. The stock rose as analysts said the bleak fourth-quarter results on slumping chip demand were largely factored in, but fell back on pessimism over what comes next. The South Korean company reported preliminary operating income dropped to 10.8 trillion won ($9.65 billion) for the period through December, missing the average analyst estimate compiled by Bloomberg by 22 percent.