Shares of Qualcomm Inc. are down 3.8% in Tuesday morning trading, after President Donald Trump said that he would block Broadcom Ltd.’s hostile takeover of the company. Broadcom shares are up 2.6% and Intel Corp. shares are up 3.2%. “With the takeover risk gone, Qualcomm must face the reality of multiple outstanding issues, including its own acquisition of NXP Semiconductors , a major conflict with Apple , and headwinds in its core businesses,” BMO Capital Markets analyst Tim Long wrote Tuesday. Qualcomm shares are up 3.5% over the past 12 months, while Broadcom shares are up 19%. The S&P 500 has gained 18% in that time, while the PHLX Semiconductor Index is up 45%.
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