Qualcomm (QCOM) stock is oversold, says Morgan Stanley, which upgraded the wireless chip maker to overweight on Monday, with a price target of 75. Qualcomm stock was up more than 1% in afternoon trading in the stock market today, near 62.50. Qualcomm stock fell 3.8% Thursday and touched a two-year low of 60.83 after the company last Wednesday reported a big drop in fiscal Q3 earnings, gave a weak outlook and announced that it’s “aggressively
Qualcomm (QCOM) got several price target cuts Thursday after the chipmaker late Wednesday reported a big drop in fiscal Q3 earnings, gave a weak outlook and announced that it’s “aggressively right-sizing” by eliminating up to $1.4 billion in spending and slashing 15% of its workforce. The San Diego-based company said that its strategic realignment effort could include breaking into separate patent-licensing and chip-design companies, among many
Qualcomm (QCOM) late Wednesday announced it’s initiated a major corporate overhaul that includes big job cuts and the possible breakup of the wireless chipmaker, and it posted steep declines in earnings and sales for its fiscal Q3. The company announced it would cut its workforce by about 15%. Qualcomm had 31,300 employees as of Sept. 28, 2014, so the cuts would come to roughly 4,700 jobs. It also plans to “significantly” cut its temporary