On August 3, Qualcomm fell 3.15% in regular trading, trading at approximately $144.86/share, with turnover of $5.15 billion. The stock extended its post-earnings selloff as the market continued to digest multiple headwinds.

On the news front, Qualcomm's latest SEC filing revealed that selling shareholders involved in the Modular acquisition transaction may now resell up to 17,826,566 shares, raising concerns over potential selling pressure. This comes on top of the company's fiscal Q3 earnings report showing net profit plunging 25% year-over-year to $2 billion, with Q4 adjusted EPS guidance of $2.05-$2.25 significantly below analyst consensus of $2.36. The handset business posted revenue of $5.1 billion, down 20% YoY, with the CEO warning that Apple-related revenue will enter an accelerated decline trajectory. Multiple investment banks subsequently slashed price targets, with cuts ranging from Evercore ISI at $159 to JPMorgan at $215.

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