Qualcomm drops as Chinese smartphone weakness persists
Ethan Miller/Getty Images News


Qualcomm (NASDAQ:QCOM) shares fell sharply on Friday as concerns about the Chinese smartphone market continued to persist.
TF International Securities analyst Ming-Chi Kuo said on Thursday that "major" Chinese Android phone brands have cut their orders for about 170 million units since the start of the year, roughly 20% of their original shipping plans. The vast majority of those order cuts use MediaTek chips, but Qualcomm (QCOM) is also likely to see a downtick, as its Snapdragon processors are used in a number of handsets, Kuo added.

Qualcomm (QCOM) shares fell more than 6% to $143.09 in mid-day trading on Friday.
Separately on Friday, Qualcomm (QCOM) and Apple (AAPL) were removed from J.P. Morgan's Analyst Focus List as the firm said investors appear to be focusing on concerns related to consumer electronics, citing a potential consumer spending pull-back.