Diamonds and Dogs
Another massive buyback. Chipmaker, Qualcomm (QCOM) is jumping 4% following earnings and news they will not try to buy Chinese chip company, NXP Semiconductors. The collapse of the deal is likely to aggravate tensions between Washington and Beijing. The good news is Qualcomm will buy initiate a $30 billion buyback or a third of their outstanding shares. Qualcomm is also issuing a rosy outlook for the 5G technology getting rolled out next year.
Facebook (FB) coming back to earth. Facebook is down 18% at a three month low following earnings. Poor Mark Zuckerberg's fortune fell by $16 billion today. Facebook's second-quarter results were the first sign that a new European privacy law and a string of privacy scandals involving Cambridge Analytica and other app developers are hitting the company's business. Facebook also warned that the toll would not be offset by revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns. At least 16 brokerages cut their price targets on Facebook.