Why Navitas Semiconductor Stock Plummeted Last Week
Navitas Semiconductor (NASDAQ: NVTS) stock saw big sell-offs in conjunction with news on the trade front last week. The company's share price fell 9.2% from where it stood at the previous week's market close. Meanwhile, the S 500 was down 2.4%, and the Nasdaq Composite slipped 2.2%.
Navitas' valuation got hit with a steep pullback early in the week due to fresh developments in the trade war between the U.S. and China. On the other hand, the company's share price actually saw substantial recovery later in the week after it was announced that the tech specialist had won a new battery contract with a major Chinese customer.
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Source Fool.com
