Mobileye stock flirts with deepest decline in history

Mobileye shares are heading for what could be their biggest one-day percentage drop ever following cautious commentary on the China market.

The company, which makes self-driving technology, said in earnings materials that it had largely managed to get past the problems with Tier 1 customers who were sitting on excess inventory. However, Mobileye is also facing an industry-wide “softening of business conditions in China” that has been worse than expected.

According to the financial results release, management expects this dynamic to create “challenges in the second half of the year.”