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Stock Alert: Qualcomm Rises After It Settles Dispute With Huawei

Shares of semiconductor company Qualcomm Incorporated (QCOM) are up more than 11% Thursday morning after the company said it entered into a long-term patent agreement with Huawei, settling the long-time patent licensing dispute.

The stock touched a new high of $103.98 this morning.

Qualcomm expects to receive about $1.8 billion under the settlement agreement from Huawei in the quarter ending September.

Wednesday, Qualcomm reported third-quarter results, better than the Street view.

Earnings on an adjusted basis were $0.86, beating the average estimate of analysts polled by Thomson Reuters at $0.71.

Revenue for the quarter was $4.89 billion, better than the consensus estimate of $4.8 billion.

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