Qualcomm slides, Under Armour gets squashed, Sony soars

Yahoo Finance

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

Qualcomm (QCOM) fell hard early on Tuesday on reports that Apple (AAPL) is designing iPhones and iPads without Qualcomm’s chips. Instead, its looking at sourcing parts from other companies including Intel (INTC). Apple and Qualcomm are locked in a legal battle over licensing agreements. Qualcomm is accused of withholding software critical to testing its chips in iPhone and iPad prototypes.

Samsung’s (005930.K ) C-Suite is getting a big shake-up. The tech giant is replacing three outgoing execs with three new co-CEOs. Samsung says this is the first time it will separate the roles of chairperson and CEO. Earlier today, Samsung posted record profits for its third quarter.

US-listed shares of Sony (SNE) soared in early trading. The electronics giant beat big on its Q2 earnings and revenue. Profits skyrocketed 346% thanks to strong sales of its PlayStation gaming business. Sony says it expects its best yearly profits since 1998.

Under Armour (UA) shares got squashed this morning after the athletic apparel maker cut its full year sales and earnings forecasts because of weak demand in North America. CEO Kevin Plank says the company is “evolving its strategy” to reenergize interest in Under Armour. Shares of Under Armour have fallen more than 40% so far this year.

Aetna (AET) raised its earnings outlook for the year after beating on profit. However, the health care company did miss on revenue citing lower health care premiums and membership in the company’s Affordable Care Act products. Last week reports surfaced that CVS (CVS) was interested in buying Aetna for more than $66B.