Qualcomm up after rumor of Broadcom interest

Qualcomm up after rumor of Broadcom interest

Qualcomm up after rumor of Broadcom interest

With its profits plummeted more than 90 percent in the latest earnings call, Qualcomm could be fighting a losing legal battle with Apple, giving Broadcom the ideal opportunity to acquire the chipmaker in what could be the largest chip business acquisition ever.

Broadcom is talking with advisers about a potential deal, which would be the biggest ever takeover of a chipmaker.

Shares of Qualcomm (Nasdaq: QCOM) were up about 14% to a $93 billion market cap following the announcement; Broadcom (Nasdaq: AVGO) was up about 5% to a $110 billion market cap.

Shares of Broadcom closed up 5.5% Friday after the report, while Qualcomm's stock surged 12.7%.

Broadcom, which has a market value of $110 billion, just announced on Thursday that it's moving its headquarters to the United States from Singapore. Broadcom announced yesterday its intention to move corporate headquarters back to the U.S.to take advantage of the lower tax rates expected.

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Qualcomm declined to comment, while Broadcom did not immediately respond to a request for comment.

Reports in The Wall Street Journal and elsewhere say Apple is contemplating kicking Qualcomm out of its devices entirely, possibly replacing it with Intel chips.

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

At issue between Qualcomm and Apple are licensing fees the chipmaker charges for patents that cover the basics of how mobile phone systems work.

Qualcomm, based in San Diego, is also confronting headwinds in closing its $47 billion purchase of NXP Semiconductors. It has faced regulatory scrutiny in Europe, and some shareholders such as activist hedge fund Elliott Management Corp. have said the deal undervalues NXP, a large maker of automotive and other chips. The two companies are already among the top 10 providers of chips in an industry that's consolidating rapidly. Broadcom is also a major supplier to numerous same companies for Wi-Fi chips.

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