Qualcomm was down 4.9% in early trading. The mobile communications technology company said this morning it was killing a plan to spin off its semiconductor business. Qualcomm said new license agreements reduced the need for it to establish the chip business as a separate company.
The company also reconfigured its operations, establishing two new business groups, Qualcomm Wireless & Internet and Qualcomm CDMA Technologies.
Qualcomm also announced a management shakeup, replacing COO Richard Sulpizio with Anthony Thornley, who will also retain his position as CFO.