Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Qualcomm has joined Google and Nokia in investing in HMD Global, the company behind the new Nokia branded phones…
Finnish based mobile phone company has secured $230 million in funding from investors and plans to use the capital to invest in developing 5G smartphones, as well as expand its markets in countries such as India and Brazil.
Qualcomm’s share price has benefitted from the investment, surging as high as $112.01, although it is now trading at $110.72, up 4.10% as we approach the close.
The funding in HMD Global isn’t the only reason for Qualcomm’s stock price rising…
Earlier in the day, Bloomberg reported that Qualcomm won an antitrust suit that restores its lucrative licensing. The court ruling means it won’t need to renegotiate billions of dollars worth of agreements with smartphone maker.
It stated that a judge was wrong to side with the Federal Trade Commission that said the company had violated antitrust law and is a significant victory for Qualcomm.
The Federal Trade Commission said that they would now be assessing their options, one of them being that they can ask for the ruling to be considered by an appeals court.
However, if the decision is not challenged, it will bring an end to years of legal issues for the company, with several complaints regarding the company’s practices from competitors.
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