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USA squeeze could rally China tech behind Beijing

ZTE smart phone

ZTE agreed to pay $892 million in fines and forfeitures in the Justice Department deal, at the time the largest US criminal fine against a Chinese company, with additional fines if it failed to comply with the deal.

Earlier this month, the Commerce Department banned ZTE, China's second-biggest network equipment maker, from buying USA -made components as punishment for violating a sanctions settlement over transactions with Iran and North Korea.

The MSCI China technology index was down 0.8% yesterday afternoon local time, Bloomberg reports.

Picking through the rubble, Jefferies & Co.'s George Notter notes that Huawei accounted for 17% of Lumentum's sales in fiscal 2017, 15% of Oclaro's sales, and 11% of Finisar's sales. ZTE is now facing a seven year supply ban for selling its devices in the Middle Eastern country.

Recently Sen Liz Cheney introduced a bill into Congress that would prohibit the US Government or any contractors working for it to use electronics from Huawei or from another Chinese company ZTE Corp. Another Caveat - This Could All Go Away. That's the same thing that got ZTE slapped with a almost $1 billion fine and (recently) a United States technology export ban. There's also a possibility that the Justice investigation against Huawei doesn't yield evidence of any wrong-doing.

Judge hints Trump won't see Cohen papers
Trump himself has denied knowing anything about Cohen's efforts to pay off his accusers, and has also denied the affairs. He tried everything to keep it secret, but the judge ordered him to reveal the name of client number three.

Both Notter and Michael Genovese of MKM Partners see potential benefit for both Ciena and Infinera.

If Huawei is found to have violated sanctions, it could be hit with major penalties including fines, the forced use of a corporate monitor, and even USA technology export bans.

Huawei and ZTE have denied these allegations.

Huawei maintains research and development facilities in Texas, New Jersey, California and four other USA states, all of which provide technology for Huawei's global operations.

Ciena shares are down 33 cents at $26.52, while Infinera is down 9 cents, or 0.8%, at $11.59.

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