Why Qualcomm Stock Rocketed Higher Today

Shares of mobile chipmaker Qualcomm (NASDAQ: QCOM) soared on Friday following reports that Broadcom (NASDAQ: AVGO) was exploring a deal to acquire the company. According to Bloomberg's sources, Broadcom could bid more than $100 billion for Qualcomm. At 2:45 p.m. EDT, Qualcomm stock was up about 13%, while Broadcom stock was up nearly 5%.

Broadcom is reportedly talking to advisors about a possible deal, with a cash-and-stock offer of around $70 per share being considered. No final decision has been made, and there's no guarantee that an offer will materialize.

Image source: Qualcomm.

Source: Fool.com