Tech companies climb as Trump lobbies for China's ZTE
May 14, 2018 - 1:55 PM
NEW YORK - The stocks of a slew of technology companies jumped Monday after President Donald Trump appeared to lobby on behalf of ZTE, a Chinese telecom company that has been sanctioned by the U.S.
The U.S. government cut off ZTE's access to American suppliers in April in a case involving illegal exports to North Korea and Iran. Early this month ZTE halted core operations.
Trump said on Twitter that he is working with Chinese President Xi Jinping to help ZTE because many jobs in China are at stake.
Companies that do business with ZTE reversed some of their losses from last month.
Optical components maker Acacia Communications Inc. jumped almost 9 per cent, rising $2.75 to close at $34.25. Optical communications company Oclaro Inc. rose 25 cents, about 3 per cent, to $8.82. Fiber optic component supplier Finisar Corp. gained 17 cents, or 1 per cent, to $16.68 and chipmaker Xilinx Inc. added 3.8 per cent, closing up $2.60 at $71.44.
News from © The Associated Press, 2018