Qualcomm stock jumps 23 percent on surprise settlement with Apple

(Reuters) – Qualcomm Inc on Tuesday won a major victory in its wide-ranging legal dispute with Apple Inc as the companies reached a surprise settlement that called for the iPhone to once again use Qualcomm modem chips.

Shares of Qualcomm jumped 23 percent to $70.45 in regular trading, their biggest gain in more than 19 years, then hit $75.25 in after-hours trading.

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