It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Dallas Fed President Robert Kaplan would like to avoid additional stimulus but is keeping an "open mind."The Fedread more
Overstock CEO Partick Byrne has resigned from the e-commerce company after making comments about his role in the "deep state."Technologyread more
It was the third trigger of the recession indicator in less than two weeks.Bondsread more
Automakers are trying to deal with President Trump's efforts to roll back Obama-era fuel efficiency rules.Autosread more
Mark Zuckerberg has been on a selling spree in August and has unloaded $526 million worth of stock this year.Technologyread more
Palantir CEO Alex Karp said billionaire investor Peter Thiel is right to question Google's decision to work in China, while abandoning military contracts in the US.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.Marketsread more
(Adds details on results, background)
July 31 (Reuters) - Qualcomm Inc missed quarterly revenue estimates and forecast current-quarter revenue below analysts' expectations on Wednesday, sending its shares down 5% in extended trading.
The below-expectations forecast follows upbeat results from chipmakers Texas Instruments and Intel Corp that had eased investor concerns around demand due to a protracted Sino-U.S. trade war and the fallout from restrictions on sales to China's Huawei Technologies.
Qualcomm also lowered its outlook for the number of smart devices with modem chips that would be sold in 2019 to 1.7 billion to 1.8 billion, down from a previous estimate of 1.8 billion to 1.9 billion. The company collects license fees from smartphone makers for using its patents in their devices and more device sales often results in higher revenue and profits.
The company's modem chip shipments fell 22% to 156 million in the third quarter, missing analysts' estimate of 160.1 million, according to FactSet.
Qualcomm forecast total revenue of between $4.3 billion and $5.1 billion for its fourth quarter, below analysts' average estimate of $5.63 billion, according to IBES data from Refinitiv.
Revenue, excluding an extraordinary gain, fell to $4.9 billion in the third quarter, missing analysts' estimates of $5.08 billion.
Qualcomm's revenue for the quarter excluded a roughly $4.6 billion payment from Apple Inc for previously unpaid royalties while the two were in a legal dispute.
Including the payment, revenue was $9.64 billion.
Excluding items, the company earned 80 cents per share, beating analysts' average estimate of 75 cents. (Reporting by Munsif Vengattil in Bengaluru and Stephen Nellis in San Francisco; Editing by Sriraj Kalluvila)