Netgear higher after reports FCC bans foreign-made routers

Shares of Netgear (NTGR) are 14% higher afterhours following Reuters reporting that the FCC has announced it was banning the import of all new foreign-made consumer routers. The report notes that China is estimated to control at least 60% of the U.S. market for home routers, and the FCC has deemed that imported routers pose “a severe cybersecurity risk that could be leveraged to immediately and severely disrupt U.S. critical infrastructure.”