Shares of Universal Display (NASDAQ: OLED) fell 18.3% in September, according to data from S&P Global market Intelligence. In keeping with the display technology researcher's recent history, the stock made a big move in connection with news from smartphone giant Apple (NASDAQ: AAPL).
Before Apple introduced the 2019 lineup of new iPhones, some investors had been speculating that every model would come with an organic light-emitting diode (OLED) screen. That would be good news for Universal Display, which collects royalties based on the screen size of such displays reaching consumers. But the OLED technology remained limited to the higher-end models, just like last year, leaving Universal Display's Apple business unchanged. The stock closed 9.8% lower that day.
Because it gets paid by the square inch, these big-screen TV sets matter more to Universal Display than tiny smartphone screens. Image source: Getty Images.