Midday Report: Qualcomm Sinks on EU Charges; Oil Pressures Again

Stocks eased off the worst of the day's losses, though oil continued to cause trouble for the second day in a row. Commodity trading was choppy after continued weakness in Chinese trade exacerbated worries over energy demand. Qualcomm (QCOM) shares slid after the European Union charged the chipmaker with illegally paying a major customer for using its products. A separate charge alleges the company engaged in predatory pricing. Qualcomm could face a fine of nearly $3 billion. Southwest Airlines (LUV) warned that a key revenue metric could decline in its current quarter. The airline said operating revenue per available seat mile could fall by as much as 1% in the fourth quarter.