Updated from 8:13 a.m. EST
Wireless phone technologist
continued its roller-coaster ride Thursday, with its shares see-sawing for most of the day. After rising for most of the morning, shares were down 7 15/16, or 1%, to 651 in midafternoon trading. (Qualcomm finished down 11 15/16, or 2%, to 647.)
The stock has been volatile all day, swelling from its opening price of 736 1/2 --up from Wednesday's close of 659 -- to its peak price of 740 1/8, before dropping later in the morning on heavy trading. Qualcomm has been one of the most actively traded stocks of the day.
Wednesday, the company saw its stock rocket 156, or 31%, to 659 after
analyst Walter Piecyk
started coverage of the stock with a 12-month price target of 1,000. Piecyk rates the stock a buy, and PaineWebber hasn't underwritten for Qualcomm. Some analysts and investors expressed
skepticism over the math behind Piecyk's robust price target.
Qualcomm's steep runup Wednesday sparked a rally that carried the
Nasdaq Composite Index
to its first-ever close above
4000, less than two months after the tech-soaked measure hit 3000.
Qualcomm shares are slated to split 4-for-1 Thursday, which will make the target a less exciting-sounding 250. As of Wednesday's close, Qualcomm stock was up 2,444% for the year; at Thursday morning's levels, Qualcomm's stock price had doubled this month. And since the stock was at 503 before the analyst made his much-discussed call, Qualcomm is up significantly over the last 24 hours or so.