NEW YORK (TheStreet) -- Qualcomm (QCOM - Get Report) jumped as it reportedly is set to pay a record $1 billion fine to China, as it seeks to settle a protracted antitrust investigation into the company. Box (BOX - Get Report) soars for a second consecutive day following Jim Cramer's enthusiastic recommendation on the stock. GoPro (GPRO - Get Report) continues to tank on fears about its future growth potential.
Qualcomm climbed 1.2% to end the day at $67.11, a contrast to a decline in the broader markets.
Investors were apparently pleased to see light at the end of the tunnel, regarding the 14-month antitrust investigation that was underway in China. According to a Reuters report, Qualcomm made substantial progress in its negotiations with Chinese antitrust regulators last week, resulting in a settlement where the smartphone chip maker will pay an approximate $1 billion record fine. For Qualcomm patents used in China, the U.S. chip maker will reportedly lower its royalty rates by a third, noted Reuters.
For Qualcomm, as with other companies, China presents a huge market opportunity, given the size of the population in the region. Additionally, manufacturing costs in the country are far lower than that in the U.S. The chip maker received about 50% of its worldwide revenue from China in its previous fiscal year that ended Sept. 28.
Box soared 8.2% to close at $19.60. That gain built on its Friday close when it rose 8.8% to end the day at $18.12.
On Friday morning, the cloud storage company received an enthusiastic "buy" suggestion from TheStreet's Jim Cramer during his "Mad Money" trading segment.
"This has come back to a level where I want to buy again," Cramer said.
When Box went public last month, it priced at $14 a share.
GoPro continued its fall, dropping 5.6% to close at $44.48.
Last week, the video camera manufacturer issued strong fourth-quarter earnings but gave a weak first-quarter forecast. Its shares got hammered on Friday and investors continued the onslaught today.
Investors are largely scared that GoPro's growth is beginning to wane and analysts are weighing in with a bearish outlook. Oppenheimer, for example, lowered its fiscal 2016 earnings projection to $1.18 a share from $1.28, according to a report in Benzinga.
Additionally, shareholders are concerned about GoPro's share lockup, set to expire on Feb. 17, which will give insiders their first opportunity to sell shares on the open market since the company's IPO. With more shares potentially hitting the market, current investors will see some dilution to their holdings.