Shareholders of Qualcomm Incorporated (QCOM) stock are definitely happy and smiling to the bank as shares have risen impressively. The company which creates and engineers wireless technology and processing chips for smartphones was one of the most notable jumpers on the S&P 500 yesterday on December 4, as it rose by .65% to hit .08.In response to the rise, ratings for QCOM were changed to reflect its new status. The rating on Mizuho was promoted to “Buy” from the previous “Neutral” rating which had been there for a while. Morgan Stanley also responded by changing QCOM’s rating on its platform to Equal-Weight from Overweight. For Cowen however, its analysts have decided to continue to recommend QCOM as “Outperform.”QCOM began trading yesterday at an .92 value but eventually hit an
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Shareholders of Qualcomm Incorporated (QCOM) stock are definitely happy and smiling to the bank as shares have risen impressively. The company which creates and engineers wireless technology and processing chips for smartphones was one of the most notable jumpers on the S&P 500 yesterday on December 4, as it rose by $2.65% to hit $82.08.
In response to the rise, ratings for QCOM were changed to reflect its new status. The rating on Mizuho was promoted to “Buy” from the previous “Neutral” rating which had been there for a while. Morgan Stanley also responded by changing QCOM’s rating on its platform to Equal-Weight from Overweight. For Cowen however, its analysts have decided to continue to recommend QCOM as “Outperform.”
QCOM began trading yesterday at an $80.92 value but eventually hit an $82.44 intraday high and an intraday low of $80.45. By the end of the day, QCOM’s over 8 million trading shares had all taken on more weight at about $2.12 each.
By contrast, QCOM shares shed 1.87 points or 2.27% and closed at $80.58 the previous day, despite trading more than 11 million shares. It’s intraday high hit $81.39 with lows at $79.81. After yesterday’s interesting feat, however, QCOM’s market cap hit $93.4 billion but has since shed some of its weight, dropping to about $92.5 billion.
So far, the entire 2019 hasn’t been bad for the chipmaker. Earlier, Qualcomm and Apple had been enmeshed in a legal dispute. The two giant firms had been at each other’s necks regarding patents related to modems used in smartphones. For many months, the companies went back and forth and the effect was seen in some countries where iPhone sales were discontinued. However, in April, both companies shocked the world when they announced an unexpected settlement and then proceeded to sign a deal that would last for six years. In response to this news, QCOM stock on that day, surged a whopping 23% and has kept investors reasonably interested since then.
Qualcomm also announced its earnings report early last month for its Q4. Investors were once again delighted to hear that the company surpassed forecasts posited by analysts and hit 78 cents in earnings per share, over the estimated 71 cents.
In other news, rival chipmaker Intel is openly unhappy with Qualcomm and has leveled several accusations against Qualcomm, suggesting that the company broke a few laws to maintain its monopoly on 5G hardware. In a recent blog post published by Intel, the company claims that it was adversely affected by certain moves Qualcomm made. The post reads:
“Intel suffered the brunt of Qualcomm’s anticompetitive behaviour, was denied opportunities in the modem market, was prevented from making sales to customers and was forced to sell at prices artificially skewed by Qualcomm.”
Many people, however, believe that as far as 5G is concerned, Intel simply wasn’t ready.
Qualcomm also recently announced the new Snapdragon 865 and 765 chips. Both products are expected to significantly power 5G and artificial intelligence (AI) devices, ensuring a game-changer. No devices have been announced yet but it’s expected that as from 2020, several devices will include these chips.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.