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NVIDIA's Stock Bloodbath - Company Admits Faulty Chips, Shares Plunge 22%
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Posted by Donster on: 2008-07-03 14:32:49 348
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By Humphrey Cheung @ TG Daily
NVIDIA is admitting that some of its notebook chips are failing at “higher than normal rates” in a new filing with the Securities and Exchange Commission. The chip failures will cause NVIDIA to take a $150 to $200 million charge this quarter to cover what it calls “warranty, repair and return and replacement” for laptops with unspecified NVIDIA graphics chips and chipsets. In after hours NASDAQ trading, NVIDIA (stock symbol NVDA) plunged 21.94% or $3.95 to $14.08 a share. The stock had been down as much as 25% after the close of regular trading on Wednesday July 2nd 2008. UPDATE: NASDAQ trading closed at 1pm eastern and NVIDIA's stock finished at $12.49. Hell of a way to start the 4th of July weekend eh?
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