Shares of NXP Semiconductors NV (NXPI) trended lower again Tuesday, April 24, registering their ninth day of losses in 10 trading sessions.
By the market close, shares of the chipmaker were down 1.42% to $101.71. During the previous session, the stock clocked in its lowest closing price since April 2017. Over the last five sessions, NXP stock is down nearly 10%, while it remains lower more than 15% in the last three months.
The stock has suffered in recent sessions on trader concern that a takeover bid from Qualcomm Inc. (QCOM) may fall through. Qualcomm has been pursuing a $44 billion deal to buy NXP since October 2016 but has recently run into regulatory trouble in China. A Chinese Commerce Ministry spokesperson said there are "related issues that are hard to resolve," adding that it would be difficult to "eliminate the negative impact" of a deal.
China is the last country that would need to approve a Qualcomm deal for NXP. The takeover has earned the greenlight from eight other countries, including South Korea and the European Union.
In the wake of renewed concerns regarding Chinese antitrust approval, Qualcomm this week resubmitted its application to authorities in the country. If Qualcomm and NXP can't get approval for a deal by July 25, Qualcomm will pay NXP a "termination compensation" of $2 billion.