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QCOM) is getting high-volume attention today following news that COO Steve Mollenkopf was taking the CEO's desk after being courted for the chief executive role over at
MSFT). Keeping Mollenkopf was important enough to QCOM that the firm is ousting current CEO Paul Jacobs on March 4 of next year to make room for Mollenkopf. That's not to say that Jacobs is against the move -- he had a big role in the decision. Jacobs will remain executive chairman of the board.
From a technical standpoint, Qualcomm is currently consolidating in a rectangle pattern with resistance at $74. Look for a breakout above that medium-term price ceiling as a buy signal in this mobile semiconductor giant.
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-- Written by Jonas Elmerraji in Baltimore.