Jul 25, 2018

Report: Qualcomm to give up on NXP, launch stock buyback

Qualcomm CEO Steve Mollenkopf. Photo: Qualcomm

Qualcomm is likely to announce later today it is dropping its stalled plan to acquire NXP Semiconductors and instead launch a stock buyback, CNBC reported.

Why it matters: The deal's end was expected as Qualcomm's bid has been caught up in US-China politics with no end in sight. Qualcomm's current offer expires just before midnight (Eastern Time) tonight and Qualcomm reports earnings later today.

Qualcomm declined to comment ahead of its earnings report.

What's next: Even with a buyback, Qualcomm will be under pressure to show that it can grow its chip business significantly beyond its cell phone roots, while ideally also maintaining its licensing business.

History Lesson: The deal was announced back in October 2016 and the tender offer has been extended multiple times as the companies have worked, unsuccessfully, to get approval from Chinese regulators.

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Rebecca Falconer

Trump rules out quarantine in New York, New Jersey, Connecticut after pushback

President Trump on the White House grounds on Saturdya. Photo: Sarah Silbiger/Getty Images

President Trump tweeted Saturday night that he's decided not try and enforce a short-term quarantine on New York, New Jersey and parts of Connecticut, but a "strong" travel advisory will be issued for those states.

Why it matters: The president said hours earlier he was considering the move to combat the rise in novel coronavirus cases. But he received pushback, most notably from New York Gov. Andrew Cuomo (D), who told CNN it would cause "chaos." "This would be a federal declaration of war on states," Cuomo added.

Keep Reading2 mins ago - Health

Rebecca Falconer, Orion Rummler, Marisa Fernandez

Trump weighs quarantine of New York, New Jersey, Connecticut

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

President Trump said Saturday he's considering a short-term quarantine of New York, New Jersey and parts of Connecticut, which have already taken steps to help residents isolate. Gov. Andrew Cuomo reacted to Trump's comments by telling CNN, "This would be a federal declaration of war on states" and that it would cause "chaos."

The big picture: With more than 121,000 people infected, the U.S. has the most COVID-19 cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting influxes of cases.

Go deeperUpdated 21 mins ago - Health

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 7:30 p.m. ET: 660,706 — Total deaths: 30,652 — Total recoveries: 139,304.
U.S.: Leads the world in cases. Total confirmed cases as of 7:30 p.m. ET: 121,478 — Total deaths: 2,026 — Total recoveries: 1,072.
Federal government latest: President Trump is considering a quarantine on New York, parts of New Jersey and Connecticut.
State updates: Alaska is latest state to issue a stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month and has moved its presidential primary to June 23. Some Midwestern swing voters that supported Trump's handling of the virus less than two weeks ago are now balking at his call for the U.S. to be "opened up" by Easter.
World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
Hollywood: Tom Hanks and Rita Wilson have returned to U.S. after being treated for coronavirus.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingUpdated 54 mins ago - Politics & Policy