Qualcomm shares fall the most in 14 weeks on Monday on news Apple may choose Intel as modem chip supplier

Qualcomm Incorporateds stock registered its worst daily performance in 14 weeks during yesterdays trading session following news that, according to KGI Securities, Apple Inc may replace Qualcomm with Intel as modem chip supplier for the upcoming generation of iPhones.

The shares of Qualcomm Incorporated closed lower for a third consecutive trading session on Monday. It has also been the steepest daily loss since October 31st 2017. The stock went down 6.57%($4.34) to $61.73, after touching an intraday low at $60.69, or a price level not seen since November 3rd 2017 ($54.21).

In the week ended on February 4th the shares of the digital communication technology company lost 3.59% of their market value compared to a week ago, which marked the first drop out of three weeks. It has also been the worst performance since the week ended on December 3rd.

The stock has extended its loss to 9.55% so far during the current month, following a 6.61% surge in January. The latter has been the second gain out of eight months.

For the entire past year, the shares of the NASDAQ-listed smart phone chip maker fell 1.81% following a 30.45% surge in 2016.

According to KGI, Intel could satisfy Apple’s technical requirements and could also have a better offer in terms of prices.

In 2017, Qualcomm was accused by Apple of overcharging for its products, while also refusing to pay the tech giant rebates of $1 billion.

The news followed another report, according to which Broadcom Ltd bolstered its bid for Qualcomms acquisition to over $121 billion from $103 billion previously.

According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Qualcomm Incorporated’s stock price, have a median target of $72.00, with a high estimate of $86.00 and a low estimate of $53.00. The median estimate is a 16.64% surge compared to the closing price of $61.73 on February 5th.

The same media also reported that 12 out of 22 surveyed investment analysts had rated Qualcomm Incorporated’s stock as “Hold”, while 8 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Qualcomm stock are presented as follows:

R1 – $62.25
R2 – $62.78
R3 (Range Resistance – Sell) – $63.30
R4 (Long Breakout) – $64.87
R5 (Breakout Target 1) – $66.70
R6 (Breakout Target 2) – $67.54

S1 – $61.21
S2 – $60.68
S3 (Range Support – Buy) – $60.16
S4 (Short Breakout) – $58.59
S5 (Breakout Target 1) – $56.76
S6 (Breakout Target 2) – $55.92

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

Central Pivot Point – $66.77
R1 – $67.68
R2 – $69.29
R3 – $70.20
R4 – $71.11

S1 – $65.16
S2 – $64.25
S3 – $62.64
S4 – $61.03