Qualcomm Inc. (QCOM) shares rallied Tuesday following a report that a U.S. appeals court overturned an antitrust ruling against the chip maker Qualcomm shares, which had earlier had been trading around $107, rallied 4.5% to $111.13 in recent trading after touching an intraday high of $112.01. On Tuesday, The Wall Street Journal reported ( ) a federal appeals court tossed out a trial judge's ruling on the basis that the government hadn't proved Qualcomm had an illegal monopoly. Back in May, a federal judge sided with the Federal Trade Commission in an antitrust suit against Qualcomm, prompting analysts to fear the ruling could cut profits in half ( ).
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 11, 2020 13:02 ET (17:02 GMT)
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