US Stock Market Move | STMicroelectronics NV ADR RegS (STM.US) fell over 12% with Q3 operating profit below expectations.

On Thursday, STMicroelectronics NV ADR RegS (STM.US) plummeted over 12%, closing at $25.57. The financial report showed that STMicroelectronics NV ADR RegS had a revenue of $3.19 billion in the third quarter, analysts had predicted $3.12 billion; operating profit was $180 million, analysts had expected $214.4 million. The company forecasts a revenue of $3.28 billion for the fourth quarter, lower than the analysts' average expectation of $3.35 billion. Meanwhile, the company announced that it will reduce its annual net capital expenditure plan to below $2 billion, in order to "optimize investments according to the current market situation", as opposed to the previous expectation of $2 billion to $2.3 billion.