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Qualcomm Stock Soars After Settling Patent Dispute With Apple

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Qualcomm Stock Soars After Settling Patent Dispute With Apple

Qualcomm Stock Soars After Settling Patent Dispute With Apple

Reuters reports that Qualcomm Inc on Tuesday won a major victory in settling its wide-ranging legal dispute with Apple Inc.

The settlement includes an undisclosed payment amount from Apple to Qualcomm.

The agreement also includes a six-year patent license deal and supply agreement that could pave the way for Qualcomm to get its modem chips back in the iPhone.

Following news of the settlement, shares of Qualcomm jumped 22 percent in late afternoon trading, their biggest gain in more than 19 years.

Apple stock was up marginally.

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