FIRE BAD: Samsung to Permanently Discontinue Galaxy Note 7 Smartphone.

“Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,” the company said.

The move comes on a day when investors wiped off about $17 billion from Samsung Electronic Co.’s market capitalization, as investors digested the possibility that the South Korean smartphone giant could discontinue the entire Galaxy Note series, more than a month after it launched its initial recall of the smartphone.

Samsung shares tumbled 8%, its biggest one-day decline in eight years, far outpacing the broader South Korean market’s 1.2% pullback, after Samsung told Galaxy Note 7 users world-wide to immediately switch off their devices Tuesday.

U.S. carriers are accepting trade-ins of Note 7s for other smartphones.