Qualcomm Incorporated (QCOM · NASDAQ)

Qualcomm shares fell 5.8% to $177.72 on volume nearly 4x the 20-day average, unwinding part of a rally that had left the stock up 11.2% over the past month but still down 28.5% from its 52-week high. The company completed its acquisition of Modular Inc. for approximately $3.1 billion, paid primarily in Qualcomm shares. Fundamentals show solid profitability — 54.2% gross margin, 21.0% profit margin, and 33.8% ROE — against soft top-line momentum, with revenue down 4.0% and earnings down 23.0% year over year on TTM revenue of $44.07B. The stock trades at a P/E of 20.33 with a PEG of 0.789, modest leverage at 1.3x debt/EBITDA, and an analyst target of $194.13.