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Qualcomm stock plunges 10.28 percent
Company's Snapdragon 810 processor nixed from Samsung smartphone
Stock of San Diego's giant Qualcomm plummeted 10.28 percent today (January 29) on a day when the overall market was strong. The company said that its Snapdragon 810 processor will not be in the upcoming design cycle of a major customer. That customer is believed to be Samsung, which reportedly won't use Snapdragon 810 in the production of their Galaxy S6 smartphone. Qualcomm's stock lost $7.30 to close at $63.69.
Qualcomm lowered its 2015 earnings per share forecast to a range of $4.04 to $4.34, compared to the earlier peg of $4.33 to $4.63. Revenue is also expected to be softer. The company is concerned about growing competition in China.
Argus Research lowered its price target on Qualcomm to $80 from $89 but still ranks the stock a buy. The business lost from the Samsung move "is a blow," said Argus, noting that "turbulence is intensifying for every smartphone maker not named Apple." Qualcomm has products in "many phones that could benefit from Samsung's weakening position."
Here's something you might be interested in.
Qualcomm stock plunges 10.28 percent
Company's Snapdragon 810 processor nixed from Samsung smartphone
Qualcomm stock plunges 10.28 percent
Company's Snapdragon 810 processor nixed from Samsung smartphone
Stock of San Diego's giant Qualcomm plummeted 10.28 percent today (January 29) on a day when the overall market was strong. The company said that its Snapdragon 810 processor will not be in the upcoming design cycle of a major customer. That customer is believed to be Samsung, which reportedly won't use Snapdragon 810 in the production of their Galaxy S6 smartphone. Qualcomm's stock lost $7.30 to close at $63.69.
Qualcomm lowered its 2015 earnings per share forecast to a range of $4.04 to $4.34, compared to the earlier peg of $4.33 to $4.63. Revenue is also expected to be softer. The company is concerned about growing competition in China.
Argus Research lowered its price target on Qualcomm to $80 from $89 but still ranks the stock a buy. The business lost from the Samsung move "is a blow," said Argus, noting that "turbulence is intensifying for every smartphone maker not named Apple." Qualcomm has products in "many phones that could benefit from Samsung's weakening position."
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