Qualcomm, Qorvo, PayPal: Midday Tech Stock Movers

The Nasdaq traded higher amid positive results from chipmakers and tech earnings expected Thursday after the close.
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Stocks were mixed on Thursday, with the worst decline in U.S. GDP on record sending the Dow Industrials lower, while the Nasdaq rose amid a busy week for tech earnings. Here are some of the top mid-day tech movers for Thursday, June 30:


Shares of Qualcomm  (QCOM) - Get Report soared 12.5% on Thursday to $104.69 following its fiscal third quarter earnings release. The firm reported a better-than-expected profit of 74 cents per share, versus a forecast of 44 cents per share, and announced “a settlement agreement, as well as a new long-term, global patent license agreement with Huawei," that includes licensing rights to some of Huawei's patents dating back to January 1, 2020. 


Shares of semiconductor firm Qorvo  (QRVO) - Get Report were up 10.3% to $127.14 after its fiscal first quarter release. The semiconductor firm topped earnings and revenue estimates, delivering total sales of $787.5 million, above its initial guidance. It also guided for revenue between $925 million and $955 million for the second quarter, outpacing analysts' estimates by a wide margin. 


Shares of PayPal  (PYPL) - Get Report were up 4.2% to $192.40 after it reported its strongest quarter ever, with a 22% increase in revenue to $5.26 billion and earnings up 49% to $1.07 per share. Shares of the payments giant are up 73% year to date, thanks in part to a surge in online payments as consumers shelter at home. 


Shares of AMD  (AMD) - Get Report rose 3.15% to $78.49 on Thursday, trading near all-time highs for the chipmaker. AMD's stock is up 15% since its earnings release on Tuesday after the close. The chipmaker reported second quarter results that beat expectations for the period, and also issued stronger-than-expected  guidance for the rest of the year. AMD shares have also strongly benefited from a recent announcement by arch rival Intel  (INTC) - Get Report that the launch of its next-generation 7nm chips would be delayed by six months. 


Shares of Xilinx  (XLNX) - Get Report rose 3.3% to $111.38 ahead of its fiscal first quarter earnings release, scheduled for today. Analysts are expecting earnings of 55 cents per share on total revenue of $724 million. About a month ago, the chipmaker raised its revenue guidance for the first quarter to a range of $720 million to $734 million, citing better-than-expected results in its wired and wireless and data centers group.