Why Are GlobalFoundries Shares Trading Lower Today?

Why Are GlobalFoundries Shares Trading Lower Today?
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on Oct. 6, 2021. Brendan McDermid/Reuters
Benzinga
Updated:

The Pentagon plans to place up to $2 billion in rush orders by early March for customized semiconductors used in weapons like the B-2 bomber before the shut down of production line, Bloomberg reports.

Globalfoundries Inc (GFS) sold the factory in Fishkill, New York, that produced the specialized chips used in GPS-dependent systems to ON Semiconductor Corp (ON). The new owner will not make any more of them.