Qualcomm stock rallies on report of appeals court tossing out antitrust ruling

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Qualcomm Inc. shares rallied Tuesday following a report that a U.S. appeals court overturned an antitrust ruling against the chip maker Qualcomm shares, which had earlier had been trading around $107, rallied 4.5% to $111.13 in recent trading after touching an intraday high of $112.01. On Tuesday, The Wall Street Journal reported a federal appeals court tossed out a trial judge’s ruling on the basis that the government hadn’t proved Qualcomm had an illegal monopoly. Back in May, a federal judge sided with the Federal Trade Commission in an antitrust suit against Qualcomm, prompting analysts to fear the ruling could cut profits in half.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.