Qualcomm Bounces Back After Initial Selloff on Apple Renewal

Qualcomm's stock price jumped by 6% to $205.21 after investors reversed their initial negative reaction to the company's renewed agreement with Apple.

The deal, announced on September 24, initially drew sellers who pushed Qualcomm's stock lower. However, Bernstein analyst Stacy Rasgon noted that the lack of specificity in the renewal announcement gave the firm 'a little bit of pause.'

No fresh company news is behind the current reversal in Qualcomm's stock price, as buyers have reassessed the renewal itself.