Qualcomm fined more than $770 million

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The markets turned positive during the midday with the Dow rising 10 points to 22,841. Nasdaq added 5 points to 6,592.


Qualcomm was fined more than $770 million by the Taiwan Fair Trade Commission for engaging in anti-trust practices. The regulatory agency began investigating the chipmaker in February 2015 for abusing its monopoly of the CDMA, WCDMA and LTE chip market. Qualcomm must also negotiate contracts and update the Commission on its progress every six months.


Delta Air Lines said that it will not pay a proposed 300% tariff on Bombardier CSeries jets. The U.S. Commerce Department imposed a preliminary tariff on Bombardier for dumping the CSeries jets at a steeply discounted price that was financed by Canadian government subsidies. The proposed tariffs must be approved by the U.S. International Trade Commission before taking effect.


Coach will change its corporate name to Tapestry as the company expands its brand offerings. The luxury handbag maker acquired shoemaker Stuart Weitzman in 2015 for approximately $574 million and fashion design house Kate Spade earlier this year for approximately $2.4 billion. The company will begin trading under the ticker symbol TPR on the New York Stock Exchange on October 31.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 added a point to 2,552. Bitcoin rose $1 to $4,819.


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