Qualcomm shares fall for a fifth straight session on Tuesday, company appoints two new members to board

October 10, 2018 7:39 am

Qualcomm Incorporated (QCOM) announced on Tuesday that it had appointed Martin Anstice and Irene Rosenfeld to its board of directors.

Anstice is the Chief Executive Officer of chip gear manufacturer Lam Research Corp, while Rosenfeld is the former Chief Executive and chairman of snack foods company Mondelez International Inc.

The shares of Qualcomm Incorporated closed lower for a fifth consecutive trading session on NASDAQ on Tuesday. The stock went down 1.13% ($0.80) to $70.13, after touching an intraday low at $70.09, or a price level not seen since September 12th ($70.02).

Shares of Qualcomm Incorporated have risen 9.54% so far in 2018 compared with a 7.73% gain for the underlying index, S&P 500 (SPX).

In 2017, Qualcomm’s stock retreated 1.81%, thus, it underperformed the S&P 500, which registered a 19.42% return.

With the new appointments, the size of Qualcomm’s board of directors will be expanded to 14.

In March, Qualcomm’s board had been re-elected, while receiving lukewarm shareholder support. Reuters reminded that support for some members of the board, including CEO Steve Mollenkopf, was in the range between 40% and 50%.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Qualcomm Incorporated’s stock price, have a median target of $71.00, with a high estimate of $95.00 and a low estimate of $55.00. The median estimate represents a 1.24% upside compared to the closing price of $70.13 on October 9th.

The same media also reported that 13 out of 26 surveyed investment analysts had rated Qualcomm Incorporated’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Qualcomm Incorporated (QCOM) are presented as follows:

Central Pivot Point – $71.89
R1 – $73.23
R2 – $75.25
R3 – $76.59
R4 – $77.93

S1 – $69.87
S2 – $68.53
S3 – $66.51
S4 – $64.49

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