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Qualcomm Shares Tumble Amid Profit-Taking
20 Sep
Summary
- Qualcomm stock fell 6% on Friday, reversing recent gains.
- RF peers Skyworks and Qorvo experienced smaller 2% drops.
- The chip complex saw gains while Qualcomm declined specifically.
Qualcomm's stock experienced a notable 6% decrease on Friday, with shares trading at $178.15. This decline represents a partial reversal of the stock's recent upward trend, which had resulted in a 12% gain over the past month. Despite the drop, the stock remains up 6% year-to-date.
The broader semiconductor market showed resilience, with the iShares Semiconductor ETF rising 1% on the same day. This divergence suggests that Qualcomm's specific decline was not indicative of a sector-wide downturn. Competitors in the radio frequency (RF) chip sector, Skyworks Solutions and Qorvo, also saw decreases but were less pronounced, each falling by 2%.
Analysts suggest that the selling pressure on Qualcomm may stem from positioning-driven profit-taking following its recent rally. There were no specific company announcements on Friday to explain the sharp decrease. Investors who have held Qualcomm stock through its recent advance are advised to consider trimming their exposure rather than increasing it.
