Why Acacia lost more than $400M in market value today
Acacia Communications, a Maynard networking technology firm, lost more than $400 million in market value Thursday after one of its largest customers said it missed quarterly sales estimates.
Shares of Acia (Nasdaq: ACIA) plunged 14 percent Thursday, trading about $74.61 by 3 p.m.
ZTE Kangxun Telecom Co. Ltd., a Chinese telecommunications equipment firm that contributed 38 percent of Acacia's total sales during the first six months last year, said that it also faces restrictions on exports for U.S.-based...