Qualcomm shares fall, on track for longest losing streak in nine months

Qualcomm Inc. shares are off 2.1% in Tuesday morning trading, putting them on track for their sixth straight loss. If the losses hold, this would be the longest streak since the six-session losing streak ending May 31, 2017. Qualcomm filed a form 8-K with the SEC Tuesday, which contained the letter it received from the U.S. Department of Treasury regarding the company's request to look into Broadcom Ltd.'s bid for board seats. The Department of Treasury broadened the scope of the inquiry to look at Broadcom's hostile takeover bid as well. The Committee on Foreign Investment in the United States is looking into a number of potential national security issues, according to the letter shared by Qualcomm. These include the rise of Chinese firms as they build out 5G technology and Qualcomm's relationship with the Department of Defense. Qualcomm shares are up 11% over the past 12 months, while Broadcom shares are up 15%. The S&P 500 has gained 15% in that time and the Philadelphia Semiconductor Index has risen 43%.

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