NXP jumps on report Qualcomm semi deal is ‘looking more optimistic’

Dutch semiconductor company NXP gained 4 percent Friday following a report that its proposed deal with U.S. chip giant Qualcomm is “looking more optimistic.”

Shares closed at $111.02 after the update, attributed to an anonymous Beijing official and included in a WSJ report about broader U.S.-China trade talks.

The proposed merger has been waiting for months on regulatory approval out of China.

Qualcomm CEO Steve Mollenkopf told CNBC in April that broader trade tensions between the two tech-heavy countries were stalling the deal.

“I think it’d be a very unusual situation for the rest of the world to approve something and then China not do it,” Mollenkopf said at the time. “It’s a good situation for China to get this deal done, and you know I have confidence that that’ll happen.”

As of Friday’s close, NXP is down 5 percent on the year and more than 11 percent off its 52-week high.

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