NXP Semiconductors’ stock soars as China restarts merger review after Trump’s reversal on ZTE
Shares of NXP Semiconductors N.V. soared 10% in active premarket trade Monday, after Bloomberg reported that Chinese regulators restarted their review of Qualcomm Inc.’s buyout bid. Volume in NXP’s strock approached 600,000 shares in early trade, enough to make it the most actively traded before the open. Qualcomm’s stock rallied 2.5%. The review of the merger had been suspended in reaction to growing trade tensions with the U.S. China’s reversal comes after President Trump said he and China’s president Xi Jinping were working together to get ZTE Corp. back in business, which comes about a month after the Trump Administration banned American companies from selling components to ZTE. NXP’s stock has tumbled 13.8% over the past three months, while Qualcomm shares have plunged 17.1%, the S&P 500 has tacked on 1.1% and the Nasdaq Composite has gained 3.6%.
Source : MTV
