Why GlobalFoundries Stock Fell 14% Last Month
Shares of GlobalFoundries (NASDAQ: GFS) fell 13.8% in September 2024, according to data from S&P Global Market Intelligence. The chip sector as a whole took a haircut in the first week of September due to geopolitical and economy concerns. Most of the price drops had reversed into modest gains by the end of the month, but this semiconductor manufacturing specialist stayed down.
Why did this semiconductor-sector infrastructure player lag behind other stocks in the same industry? Let's take a look.
This is not a new development for GlobalFoundries. In fact, investors are getting used to negative monthly returns in 2024. With nine months of market action in the books, six of them have showed GlobalFoundries returns in red ink. All told, the stock has slid 36% lower in 2024 while larger rival Taiwan Semiconductor Manufacturing posted a 73% price gain.
Source Fool.com
