|Bid||68.0600 x 600|
|Ask||68.0900 x 300|
|Day's range||67.2400 - 68.9000|
|52-week range||48.9200 - 69.2800|
|PE ratio (TTM)||41.11|
|Earnings date||31 Jan 2018|
|Forward dividend & yield||2.28 (3.49%)|
|1y target est||65.78|
The FTC is investigating whether Broadcom engaged in anticompetitive tactics in negotiations with customers.
How badly does Qualcomm need Apple? So much that the company zeroed out any future business in their upward guidance. Instead, Qualcomm looks to China.
Raised 2019 targets for profits and revenues, cost cutting, and share buyback as a backup plan -- if NXP Semiconductor buyout fails -- support Qualcomm's (QCOM) price rally.
It was the first time Qualcomm raised the buyback as an alternative to buying NXP, as the deal faces strong opposition from NXP shareholders. "With tax reform, we are well positioned to complete a large stock buyback that will deliver essentially the same level of accretion to Qualcomm stockholders as if we had closed NXP," Qualcomm Chief Financial Officer George Davis said in a webcast. This has prompted companies such as Qualcomm to think about tapping overseas cash in new ways.
Shares of Qualcomm (QCOM) gained steadily throughout Tuesday’s session, ending the day up $2.87, or 4.4%, at $68.25, after the company tried to beat back a hostile acquisition effort by Broadcom (AVGO), pleading to cut costs by a billion dollars and talking about how it is dedicated to “shareholder value,” and after Broadcom responded by blaming Qualcomm management for failing to deliver on past promises. KeyBanc’s Michael McConnell, who has Overweight ratings on both stocks, notes that Qualcomm is saying it will not try to buy NXP Semiconductors (NXPI) “at all costs.” Instead, should that deal fall through—though Qualcomm thinks that unlikely—it is prepared to buy back enough of its own stock to equal the cost “synergies” it would have enjoyed by buying NXP, observes McConnell.
Apple's brief return to a buy zone had key shortcomings. Meanwhile, iPhone chip suppliers Broadcom, Skyworks and Qorvo hit resistance, but Qualcomm jumped.
Here are some things going on today in your world of tech: Shares of Qualcomm (QCOM) are up $2.19, or 3.4%, at $67.67, after the company this morning staged an effort to fight back against Broadcom’s (AVGO) hostile bid, promising a billion dollars in cost cuts to boost earnings. The stock also got an upgrade from Instinet to a Buy rating, and a shareholder in NXP Semiconductors (NXPI), the chip company Qualcomm has been in the process of taking over, rejected Qualcomm’s own tender offer for that company’s shares as undervaluing NXP. Twitter shares are down 28 cents, or 1%, at $25.13, despite hedge fund Greenlight Capital taking a stake in the stock, as related by CNBC’s Tae Kim, citing a letter from Greenlight partner David Einhorn.
The company issued strong yearly guidance citing efforts to close Apple litigation and an NXP acquisition.
Shares of Qualcomm (QCOM) are up $1.59, or 2.4%, at $66.97, after the company this morning made a series of announcements to beat back Broadcom's (AVGO) hostile bid. The company has posted a video from CEO Steve Mollenkopf and his executives on its Web site, urging them to reject a slate of directors Broadcom has proposed to replace Qualcomm’s board. Interestingly, this morning, just before the announcement was made, Instinet's Romit Shah raised his rating on the shares this morning to Buy from Neutral, and raises his price target to $75 from $58, after concluding that the company’s hostile takeover bid from Broadcom is a “gun to the head” for management that is making Qualcomm mangenement be “more aggressively focused” on shareholder value.
Shares of Qualcomm Inc. rose 2.9% in Tuesday morning trading after analysts at Instinet upgraded the stock to buy from neutral. The analysts, led by Romit Shah, believe that Broadcom Ltd.'s attempt at ...