Qualcomm stock declines after Wells Fargo turns bearish

Wells Fargo analyst Gaby Mobley downgraded shares of Qualcomm Inc. to underweight from equal weight Monday, writing that the reasoning behind the ratings change is consistent with his October downgrades of Qorvo Inc. and Skyworks Solutions Inc. . "That is, once investor sentiment toward the chip sector turns more positive, or once investors are convinced we've reached a trough in the chip cycle, we believe shares of companies w/high smartphone exposure should underperform the broader chip...