Qualcomm Inc (NASDAQ: QCOM) closed just under $155 as the bell rang to end Tuesday's session, continuing to cool somewhat from last week's multi-month high. The pullback comes after shares gained more than 30% from April's low, marking one of Qualcomm's better rallies of the past year. But to keep some perspective on things, after a move like that, taking a breather makes perfect sense.
Much of the recent surge stemmed from news of the Alphawave acquisition, which delivered exactly the kind of bullish catalyst Qualcomm needed to break out of its sideways action. As we noted last week, this deal positions the company squarely in the high-growth data center market, giving investors a fresh narrative to rally behind.
