Wall Street moved lower overnight as investors positioned themselves on the eve of the US third-quarter earnings season.
Shares of Micron dropped, last down 4.2 per cent, after Samsung said it plans to spend US$14.7 billion on a new chip facility in South Korea. Micron is the largest US chipmaker.
"Semiconductor has been Samsung's long-time key business, while the company can no longer expect strong growth from its mobile unit," Lee Min Hee, an analyst at I'M Investment & Securities in Seoul, told Bloomberg News. "The company is now making a huge investment for the future as its key mobile business isn't likely to contribute to profit as much as it used to."
Bucking the trend were shares of Hewlett-Packard, which last traded 6 per cent higher, after the company said it will split in two and plans to cut 5,000 jobs.
Both will be publicly traded companies, one comprising HP's market-leading enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's market-leading personal systems and printing businesses, which will do business as HP Inc. and retain the current logo, the company said in a statement.