Merrill Lynch equity analyst Michael Ching cut the investment bank's intermediate rating on Qualcomm to "neutral" from "accumulate" due to seasonal factors, the transition to new chipsets that could affect sales, and an expected downturn in patent royalty income. Stock in Qualcomm, a stellar performer last year, fell nearly 14 percent to 128.23 in midday trading today. The company also announced the acquisition of SnapTrack, a cellular phone software maker.
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Discuss: Short Take: Qualcomm rating cut, shares slip
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