Why Illumina Stock Plummeted Today
Genomic sequencing specialist (NASDAQ: ILMN) was something of a victim in the U.S.-China trade spat on Tuesday. The government of the sprawling Asian nation placed the U.S. company on a blacklist, and given the size and power of that economy, investors weren't happy about the news. They traded out of Illumina to leave it with a more than 5% price decline, on a day when the S 500 (SNPINDEX: ^GSPC) landed in positive territory with a 0.7% increase.
China's "blacklist of entities" now has two more entries -- Illumina and fashion conglomerate PVH -- after its government put the companies on notice late Monday. The move is clearly a retaliatory measure following the announcement of tariffs imposed by the Trump administration on Chinese exports.
As reported by Bloomberg, the country's Ministry of Commerce claimed "that PVH and Illumina infringed the principles of market transactions and undertook damaging actions against Chinese companies." It did not provide any details of these alleged actions.
Source Fool.com
Illumina Inc. Stock
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