Qualcomm QCOM shares are trading lower on reports the company is among those China could retaliate against after the U.S. announced it will block chip shipments to Huawei.
News of the Trump Administration taking action against Huawei comes amid mounting tensions between the two countries, potentially fueled by the coronavirus.
Qualcomm develops and licenses wireless technology and also designs chips for smartphones. The firm is also the world's largest wireless chip vendor, supplying many premier handset makers with leading-edge processors.
Qualcomm shares were trading lower 5.02% at $75.86. The stock has a 52-week high at $96.17 and a 52-week low at $58.
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