SK Hynix a Second Victim of Morgan Stanley Downgrade

 

SK Hynix shares on the day closed at 27,000 won, down 4.09 percent from the previous day. Earlier on the 25th, the company had posted a second-quarter sales revenue of 3,932.6 billion won, an operating profit of 1,113.6 billion won, and a net profit of 946.7 billion won.

 

Park Hyun, Tongyang Securities analyst, said, "The major reasons for the plunge of SK Hynix share price were lower DRAM spot prices that are highly correlated with the company's bottom line, as well as a report by Morgan Stanley that downgraded its stock rating on SK Hynix. The fact that the share price of Micron Technology of the United States dropped by a large margin lately was also a factor." Late last week, the Boise (Idaho)-based company saw its share price tumble 5.27 percent.