Qualcomm to Cut 1,300 Jobs at HQ; Stocks Slide After Fed Decision

Qualcomm (QCOM) was active in midday trading Friday after it announced plans to cut more than 1,300 full-time jobs at its San Diego headquarters. The chipmaker had previously announced in July plans to cut its global workforce by 15%. Stocks were sharply lower as the dust settled following Thursday's Federal Reserve decision to keep rates unchanged. The question now remains as to when the Fed will move off of crises levels, the uncertainty of which was worrying investors. La Quinta Holdings (LQ) was sharply lower after the hotel chain announced the departure of CEO Wayne Goldberg in what it said was a mutual decision. Chief financial officer Keith Cline will act as interim chief until a permanent replacement is found.