Diamonds and Dogs
The chips keep going higher. As the broader market sells off, NXP Semiconductors (NXPI) is shooting higher up 15% on a Wall Street Journal article indicating Qualcomm is looking to acquire the firm at a value over $30 billion. Headquartered in the Netherlands, NXP makes high-performance mixed-signal processors for communications, security, automotive and industrial applications.
Deutsche Bank (DB) is dragging down the broader market. In a Bear Stearns or Lehman moment, Deutsche Bank is down 6% to a new 52 week low on concerns hedge funds and large institutional clients are pulling their accounts from the German bank due to liquidity fears. Similar to Bear Stearns and Lehman, these allegations can be self-fulfilling if everyone believes they are true.