The S&P 500’s top losers on March 13 were:
Qualcomm (QCOM), which is an American multinational semiconductor and telecommunications equipment company, was the S&P 500’s top loser on March 13. Qualcomm declined last week and started this week on a weaker note. Qualcomm opened lower on March 13 and closed the day at four-month low price levels.
The selling pressure in Qualcomm increased on Tuesday following the Presidential Order late on Monday to block Broadcom’s bid for Qualcomm. The Broadcom-Qualcomm merger was valued at $170 billion. The deal would have been the biggest tech takeover deal in history. Citing national security as a key reason, President Trump blocked the merger. According to a statement released by the White House, President Trump also added that any deals similar to the proposed Broadcom-Qualcomm merger will also be blocked.
According to reports, Broadcom plans to close the bid. Broadcom is expected to announce plans to move its headquarters to the US. The move would take Broadcom out of the jurisdiction of CFIUS (Committee on Foreign Investment in the United States). CFIUS is an interagency committee of the US government that reviews foreign investments in US companies for potential national security concerns.
On March 13, Qualcomm declined 5% and closed the day at $59.70. Qualcomm is part of the S&P 500 information technology sector which declined 1.2% on Tuesday.