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Qualcomm, NXP Gain as Trade Truce Lights a Fire Under Stocks

Barron's logo Barron's 12/3/2018
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Truce! China and the U.S. agreed to go to the negotiating table before additional tariffs hit products bound for the U.S. That’s the good news. The bad news is they have three months to work out a deal. The Wall Street Journal reported that Chinese officials would also consider the previously unapproved merger between Qualcomm (ticker: QCOM) and NXP Semiconductors (NXPI). A Qualcomm spokesperson told Barron’s, “while we were grateful to learn of President Trump and President Xi’s comments about Qualcomm’s previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal. Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G road map.” Trade news has global equities higher this morning. U.S. stock futures were up as well. Dow Jones Industrial Average futures rose 1.9%, S&P 500 futures gained 1.6%, and Nasdaq Composite futures jumped 2.4%. In today’s Morning Movers we…

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Tibor Kárpáti

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