Wireless company Qualcomm (QCOM) - Get Report was down 0.1% in preopen Island trading after it said it would delay the spinoff of its integrated circuits and system software business until January due to market conditions.

Qualcomm also said it was told by the

Internal Revenue Service

that the spinoff, known as

Spinco

, can be done as a tax-free distribution. Qualcomm's fourth-quarter earnings are due after the market's close today.