LOS ANGELES-Qualcomm Inc. stock continued its quick rebound Friday from last weeks slump on speculation that the company might be ripe for a takeover by Nokia Corp.
As of midday Friday, Qualcomm stock was up $2.25 to $70.50 per share, following up a $3.75 per share gain on Thursday, when it was the second-most traded stock on Nasdaq.
Nokia shares fell slightly Thursday on the rumors with more than 19 million shares traded.
“From the body language we’re getting, there’s about as much chance (of such a deal) as an ice cube in hell,” Pete Peterson, analyst with Prudential Securities, told Reuters.
Neither company would comment on the rumor. Qualcomm’s stock fell about 25 percent last week on news that China Unicom was delaying its CDMA deployment contract with the company.
