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Wireless technology manufacturer Qualcomm (QCOM) recorded its seventh straight trading session of losses on Jan. 20. While it ended the day up 1.5% on Jan. 21, the stock is still down in the past week. This follows a downgrade by Mizuho analysts to “Neutral.”
Mizuho analysts cited increasing pressure in the mobile handset market. Smartphone sales are expected to decline this year as chip costs weigh on consumer demand. Mizuho analysts pointed out that China is increasingly insourcing components. This is said to essentially affect Qualcomm’s core business.
