QUALCOMM, Inc. (NASDAQ: QCOM) shares are trading lower by $8.00 (14 percent) at $54.88 in Monday's session. That loss comes on top of Friday's loss of $1.56 ($64.44 to $62.88), which was instigated by the announcement that Apple Inc. (NASDAQ: AAPL) was seeking $1 billion in withheld rebates from its licensing practices.
Adding to the negative momentum were a pair of downgrades from Nomura (Buy to Neutral, price target lowered from $80 to $70) and CLSA (Buy to Underperform).
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Its much lower opening print of $58.67, so far has turned out to be the high for the session. From there, the issue has continued to make lows for the day, withe the current one standing at $54.40. That lows breaches the trio of lows at $55.00 from mid-July.
Based on the daily charts, the next level of support may be at its July 15 low of $54.15.
Update: At time of publication, the stock traded at $54.08.
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