Qualcomm (QCOM) Stock Falls 11% After Intel Guidance Rattles Chip Sector

TLDR Qualcomm (QCOM) stock fell 11% on Friday to about $165, down from a $185.41 close the day before. Intel guided Q4 revenue to $15 billion to $16 billion, below the $17 billion Wall Street expected, and its stock fell about 29%. Qualcomm finalized a Huawei patent deal in which it pays Huawei, and it heads back to court against Arm. The stock now sits below its 50-day and 200-day averages, with analysts averaging a Hold rating and a $205.83 target. Qualcomm reports fiscal Q4 earnings on November 4. Qualcomm (QCOM) stock fell 11% on Friday and last traded at $164.79. It closed at $185.41 the day before, and the session low was $161.72. QUALCOMM Incorporated, QCOM Investing.com reported a midday drop of 11.7% to $163.75.

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