Qualcomm Sets 2-for-1 Stock Split
Get Quote, Company Info: QCOM
Reuters
SAN DIEGO, Calif. (April 14) - High-flying telecommunciations equipment maker Qualcomm Inc. said on Wednesday its board of directors had declared a two-for-one split of its common stock.
The stock dividend would be distributed on May 10, 1999 to shareholders of record on April 21, 1999, the company said.
Qualcomm stock nearly doubled to near $160 a share after it settled a patent dispute last month with Ericsson and agreed to sell its terrestrial wireless business to its Swedish rival.
Analysts have said they expected the infrastructure deal, estimated at about $1 billion, would help make the company more profitable.
In addition, as a result of the patent resolution, Qualcomm is expected to receive a stream of royalty payments for equipment using CDMA, or code division multiple access, technology.
Shares in the San Diego, Calif.-based company tumbled on Wednesday, closing down $11.69 at $157.94 on the Nasdaq stock exchange. The split was announced after the close of trading.
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