Qualcomm announced it will sell L-Band spectrum in the U.K. that can be used by mobile carriers to increase their download capacity, according to Reuters. "Qualcomm UK Spectrum (QUKS), Qualcomm's subsidiary that owns L-Band spectrum rights in the UK, plans to trade this spectrum," Qualcomm said in a statement.
Qualcomm is a semiconductor company based in San Diego that produces processors for mobile devices such as smartphones and tablets as well as cellular radios for those devices.
About 4.9 million shares of Qualcomm were traded by 2:29 p.m. Monday, compared to the company's average trading volume of about 12.1 million shares a day.
TheStreet Ratings team rates QUALCOMM INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate QUALCOMM INC (QCOM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."