Qualcomm Incorporated (QCOM) said on Monday that it had signed a global patent license arrangement with HMD Global Oy to cover branded single-mode and multimode devices, produced and marketed by HMD Global under the Nokia brand.
The shares of Qualcomm Incorporated closed lower for the fifth time in the past nine trading sessions on NASDAQ on Monday. It has also been the steepest daily loss since May 7th. The stock went down 2.27% ($1.95) to $83.89, after touching an intraday low at $82.99, or a price level not seen since May 9th ($82.26).
Shares of Qualcomm Incorporated have risen 47.41% so far in 2019 compared with a 12.17% gain for the benchmark index, S&P 500 (SPX).
In 2018, Qualcomm’s stock went down 11.11%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
Under the arrangement, HMD Global has been granted royalty-bearing patent licenses by Qualcomm to develop, produce and sell branded 3G, 4G and 5G single-mode and multimode complete devices.
“Qualcomm is pleased to sign 3G, 4G and 5G multimode licensing agreements with HMD Global that build on our long-standing technology relationship,” Alex Rogers, Qualcomms Executive Vice President and President of Qualcomm Technology Licensing, said in a statement.
“Qualcomm is leading the transition to 5G, and we are proud to make our breakthrough 3G/4G/5G technologies available to leading OEMs like HMD Global and to support them in delivering compelling products around the world,” Rogers added.
According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Qualcomm Incorporated’s stock price, have a median target of $96.00, with a high estimate of $115.00 and a low estimate of $77.00. The median estimate represents a 14.44% upside compared to the closing price of $83.89 on May 13th.
The same media also reported that 16 out of 25 surveyed investment analysts had rated Qualcomm Incorporated’s stock as “Buy”, while 8 – as “Hold”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Qualcomm Incorporated (QCOM) are presented as follows:
Central Pivot Point – $85.60
R1 – $88.93
R2 – $92.03
R3 – $95.36
R4 – $98.70
S1 – $82.50
S2 – $79.17
S3 – $76.07
S4 – $72.98