Diamonds and Dogs
Bad news for Broadcom may be good news for Intel (INTC). The world's number 2 chipmaker is up 4% to new highs on speculation they will be able to buy out rival, Qualcomm after Broadcom was blocked from buying the company. The chip stocks are on fire this year up over 15% year to date and up over 20% since the February lows thanks to improving demand, pricing and fundamentals.
Back to the drawing board. Chipmaker, Qualcomm (QCOM) is down 4% to a four month low as President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm. The Presidents' administration ruled the proposed combination would imperil national security. The deal that would have been the largest ever completed in the technology industry.