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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.

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