Qualcomm shares surge 13% on talk of $100 billion takeover by Broadcom

Markets Insider

Markets Insider

Shares of wireless chip technology giant Qualcomm (QCOM), at $81 billion in market cap, are up $3.86, or nearly 7%, at $58.70, and were up 9% at one point, following a headline from Bloomberg that even bigger giant Broadcom (AVGO) is "exploring a possible takeover" of Qualcomm.

Shares of Qualcomm have spiked after reports from the Wall Street Journal and Bloomberg News that rival chipmaker Broadcom may be preparing a bid.

Qualcomm (NASDAQ:QCOM) shares are up 5.58% after rumors that Broadcom (NASDAQ:AVGO) is exploring a deal to purchase the chipmaker.

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No final decisions have been made and there is no guarantee a deal will go ahead. The news outlet also noted that the stock of Qualcomm went up 14 percent following the news, which is the largest stock movement for the company in almost a decade. Broadcom rose 4.7 percent, for a market valuation of $111 billion.

Five years ago, when smartphone demand was soaring, Qualcomm briefly overtook Intel in market value.

A Qualcomm representative declined to comment. It is now incorporated in Singapore and co-headquartered there and in San Jose, California.

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Formerly known as Avago Technologies, Broadcom Limited was created past year after Singapore-based Avago acquired Broadcom Corporation for $37 billion.

Qualcomm finds itself in a weakened state.

Before today, its shares had slumped 16 percent this year, compared with a 41 percent surge in the Philadelphia Semiconductor Index - in part due to an escalating legal battle with Apple that's costing revenue and jeopardizing the business model that for years made Qualcomm one of the most successful chipmakers in the world. Even though Qualcomm's component is considered to be the best, Apple is trying to get back at the company for various patent and legal issues.

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Qualcomm, based in San Diego, is also confronting headwinds in closing its $47 billion purchase of NXP Semiconductors.

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