Flex Ltd FLEX:NASDAQ

Last Price$10.73NASDAQ Previous Close - Last Trade as of 3:59PM ET 9/17/19

Today's Change-0.07(0.65%)
Bid (Size)$10.72 (305)
Ask (Size)$10.73 (59)
Day Low / High$10.59 - 10.80
Volume3.8 M

Market Chatter: Flex Further Trims Huawei Business With Work Suspension at Second China Facility

5:30AM ET 8/06/2019 MT Newswires
Flex (FLEX), the technology manufacturer, has cut its its business further with China's Huawei Technologies after suspending production at one of its manufacturing facilities in Zhuhai, China and laying off workers, Caixin Global reported Monday, citing a source close to the US company.

The production halt follows a move by Flex in July to pare down production capacity at a facility in Changsha, which mainly assembles Huawei products, due to "significant geopolitical under certainty." Media reports have linked Flex's actions to the telecom company's inclusion in the US "blacklist," while another tied it to the companies' patchy relationship due to a dispute on production material.

According to several Flex employees, the facility in the Zhuhai complex where Huawei's products were assembled is currently idle. The source said more than 10,000 jobs in Zhuhai and Changsa were cut, with Flex offering other jobs or severance to affected employees.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 10.32, Change: -0.42, Percent Change: -3.91