TLDR
- Qualcomm (QCOM) stock fell 11% on Friday to about $165, down from a $185.41 close the day before.
- Intel guided Q4 revenue to $15 billion to $16 billion, below the $17 billion Wall Street expected, and its stock fell about 29%.
- Qualcomm finalized a Huawei patent deal in which it pays Huawei, and it heads back to court against Arm.
- The stock now sits below its 50-day and 200-day averages, with analysts averaging a Hold rating and a $205.83 target.
- Qualcomm reports fiscal Q4 earnings on November 4.
Qualcomm (QCOM) stock fell 11% on Friday and last traded at $164.79. It closed at $185.41 the day before, and the session low was $161.72.
Investing.com reported a midday drop of 11.7% to $163.75. The move came as chip stocks sold off across the board.
Trading was heavy. About 23.9 million were traded, 59% above the average session of 15.1 million.
Friday was a rough one for chip investors. Intel set the tone after reporting on October 29, and its stock dropped about 29%.
Intel Guidance Hits Chip Stocks
Intel guided fourth-quarter revenue to $15 billion to $16 billion. Wall Street had expected about $17 billion.
It also projected adjusted earnings of $0.25 per share, down from $0.52 in the third quarter. Management said the PC slowdown could last through the first half of 2027.
Intel pointed to rising memory costs and inventory cuts by PC makers. Arm, Marvell and Broadcom also fell sharply.
Qualcomm had its own news. It finalized a multi-year patent licensing deal with Huawei, and Qualcomm will pay Huawei for its patents.
That flips the usual setup, where Qualcomm collects the fees. Reports said it adds new cost questions for the licensing unit.
Qualcomm is also heading back to court against Arm Holdings. The case involves claims of withheld chip-testing tools and leaked deal threats.
Analysts and Technical Levels
The stock is now below its 50-day moving average of $177.75. It also sits just under its 200-day average of $169.46.
MarketBeat lists an average rating of Hold and an average price target of $205.83. Three analysts rate it Strong Buy, 12 Buy, 21 Hold and three Sell.
In the July quarter, revenue was $9.95 billion, above the $9.69 billion estimate. EPS of $2.21 missed the $2.23 estimate.
EVP Ann Chaplin sold $319,268 of stock on October 16 at $174.75 under a pre-arranged plan. Insiders have sold $6.2 million worth over the last three months.
The broader market fell too. The Nasdaq Composite closed down 2.86%, the S&P 500 fell 1.82% to 7,580.07, and the Dow slipped 1.09%.
Qualcomm reports fiscal fourth-quarter earnings on November 4. Guidance already points to lower revenue and EPS than a year ago.
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