Intel rises, Qualcomm falls after WSJ report of takeover approach

Shares of Intel (INTC) are on the rise while Qualcomm (QCOM) shares are slipping near the close after the Wall Street Journal’s Lauren Thomas and Laura Cooper reported, citing people familiar with the matter, that Qualcomm made a takeover approach to Intel in recent days. A deal for Intel, which is far from certain, would be “massive and come at a time when the chipmaker is sputtering,” the authors said, noting that such a transaction would certainly attract antitrust scrutiny. The report added, however, that it’s also possible the deal could be seen as an opportunity to strengthen the country’s competitive edge, though to get such a deal done, Qualcomm could intend to sell assets or parts of Intel to other parties. Near the close, Intel shares are up 4.4% while Qualcomm shares are down 3.6%.