Why Qualcomm Stock Is Down 6% Today
Shares of Qualcomm (NASDAQ: QCOM) were trading about 6% lower at 2 p.m. ET Friday after a JPMorgan analyst removed the semiconductor giant from its "analyst focus list," indicating that the firm no longer sees it as a top stock with meaningful upside from its current price.
JPMorgan analyst Samik Chatterjee also dropped tech titan Apple (NASDAQ: AAPL) from the focus list. He noted that demand for high-end smartphones has weakened in recent months, which is bad news for both handset makers like Apple and phone component suppliers such as Qualcomm. The market's softness is also being amplified by the continued shortage of chip-manufacturing capacity and other supply-side issues. Therefore, Chatterjee isn't feeling bullish on Apple or Qualcomm right now. The iPhone maker reacted less noticeably to the analyst's note, trading less than 1% lower.
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Source Fool.com