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Qualcomm falls on blocked Broadcom deal

  • President Donald Trump ordered the immediate and permanent end of takeover talks between the rival chipmakers Monday, citing national security concerns.
  • Qualcomm had resisted a deal for months, rejecting several record-breaking price tags.
  • Shares of Broadcom opened up Tuesday.
Qualcomm Inc. CEO Steve Mollenkopf.
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Qualcomm Inc. CEO Steve Mollenkopf.

Shares of Qualcomm opened nearly 5 percent down Tuesday, a day after the company's proposed merger with Broadcom was called off.

President Donald Trump ordered the immediate and permanent end of takeover talks between the rival chipmakers Monday, citing national security concerns.

Qualcomm had resisted a deal for months, rejecting several record-breaking price tags.

Broadcom remained committed to a merger, despite growing concerns from regulators. It promised U.S. investment in 5G if the deal went through and advanced a plan to move its headquarters to the U.S. from Singapore.

Shares of Broadcom opened roughly 1.5 percent up Tuesday.