Why Qualcomm Stock Defied Gravity Today
By and large, Wednesday was an awful day for the stock market. One notable exception was mobile device components specialist Qualcomm (NASDAQ: QCOM), whose shares enjoyed a 1.5% rise while the S&P 500 index declined by roughly that amount. This, despite a negative move from an analyst regarding the company. What seemed to make up for this was the company's latest dividend declaration.
That day, Citigroup's Christopher Danely placed Qualcomm and its chipmaking cousin Intel on his bank's negative catalyst watch list. In doing so, he reiterated his neutral ratings on both, and his $105 per share price target on Qualcomm.
Investors shrugged off this development, not least because they're about to get a bit more money in their pockets from their company.
Source Fool.com
