SK Hynix Denies Intel Ohio Fab Acquisition, ADR Falls 3.9% on July 22

SKHY-3.86%
SKHYV-0.98%
INTC-2.73%
According to Barron's, SK Hynix ADR fell 3.9% to $165.27 on July 22 after the South Korean memory chip maker denied reports of acquiring Intel's Ohio fab facility under construction. The company submitted a statement to the Korean stock exchange saying it has not "pursued or decided" on the Intel Ohio acquisition but is "currently evaluating various investment and acquisition opportunities." SK Hynix's Korean shares declined 0.3% on the same day despite climbing 9% intraday, following a 13.8% surge in ADR the previous day.
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