Earnings, stock split boost Qualcomm
The telecommunications equipment maker's shares jump 19 points following the announcement of better-than-expected earnings and a 4-for-1 stock split.
Shares of Qualcomm, which makes communications equipment and software, rose 19.25 to 244.06 in early trading this morning.
This morning, First Union Securities raised its price target for Qualcomm to $300 per share.
Qualcomm announced the splityesterday and said profit from operations rose to $170 million, or 91 cents a share, from net income of $39.9 million, or 27 cents, a year ago. Sales rose 14 percent to $1.06 billion.
The company today announced a deal with telecommunications provider Sprint to use its PCS network to provide wireless data service for Qualcomm's new OmniExpress mobile communications management product.
In September, the company, which makes the Eudora email software and developed CDMA, the second-most popular cell-phone technology, said it is selling its handset business to focus on more lucrative businesses such as CDMA royalties, which more than doubled in the recent quarter.