Qualcomm Shares Close 4% Lower On FTC Monopoly Complaint

By Wallace Witkowski Markets MarketWatch Pulse

Shares of Qualcomm Inc. closed down 4% Tuesday as the Federal Trade Commission filed a complaint against the chipmaker for tactics to maintain a monopoly on chips used in cell phones and other consumer products. Qualcomm shares finished the day down at $64.19, and were up 0.3% in after-hours activity. In a statement, the FTC alleged Qualcomm "has used its dominant position as a supplier of certain baseband processors to impose onerous and anticompetitive supply and licensing terms on cell phone manufacturers and to weaken competitors."

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