MarketWatch First Take: Apple deal doesn’t solve Qualcomm’s problems

Two weeks ago, investors cheered when Qualcomm Inc. and Apple Inc. settled their patent and royalty mega-feud just as a trial was starting.

On Wednesday, when Qualcomm QCOM, +0.28%reported its fiscal second-quarter results, those investors were reminded that the nice, big settlement from Apple AAPL, +4.91% isn’t going to change the chip company’s underlying issues with its core business. Qualcomm’s stock paid the price, falling 3.6% after hours. The shares are up nearly 52% year to date, compared with a 16.6% gain from the S&P 500 index SPX, -0.75% , with a big chunk of that run-up coming since the big settlement with Apple.

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