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Intel Gains on Report That Qualcomm Made Takeover Approach [Yahoo! Finance]
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Most Read from Bloomberg The discussions occurred in recent days, the newspaper said, citing unnamed people familiar with the situation. Representatives for Intel and Qualcomm declined to comment. The shares jumped as much as 9.5% to $23.14 in New York trading Friday, rebounding from a decline earlier in the day. They had been down 58% this year through Thursday. Intel, once the world's largest chipmaker, has been struggling with flagging sales and mounting losses. The company's market valuation, at less than $100 billion, is now roughly half of Qualcomm's. Still, a takeover would be the largest-ever transaction for the semiconductor market and potentially transform the industry. Shares of San Diego-based Qualcomm declined as much as 5.5%, reflecting investors' concerns about such a deal. Intel, based in Santa Clara, California, announced a raft of changes this week aimed at getting its business back on track. The moves included a multibillion-dollar deal with Amazon.com In
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