Qualcomm Shares See Big-Time Follow Through On Friday's Beatdown

Loading...
Loading...

QUALCOMM, Inc. QCOM shares are trading lower by $8.00 (14 percent) at $54.88 in Monday's session. That loss comes on top of Friday's loss of $1.56 ($64.44 to $62.88), which was instigated by the announcement that Apple Inc. AAPL was seeking $1 billion in withheld rebates from its licensing practices.

Adding to the negative momentum were a pair of downgrades from Nomura (Buy to Neutral, price target lowered from $80 to $70) and CLSA (Buy to Underperform).

Its much lower opening print of $58.67, so far has turned out to be the high for the session. From there, the issue has continued to make lows for the day, withe the current one standing at $54.40. That lows breaches the trio of lows at $55.00 from mid-July.

Based on the daily charts, the next level of support may be at its July 15 low of $54.15.

Update: At time of publication, the stock traded at $54.08.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...