Qualcomm Falls, Mosaic Drops, Levi Down After Tariff Warning
On this episode of Stock Movers:
- Qualcomm (QCOM) shares fall after China slapped new port fees on US ships and started an antitrust investigation into the company. It's the latest in a string of tit-for-tat moves as Presidents Xi Jinping and Donald Trump jockey for leverage before a key meeting to discuss trade and other issues.
- Mosaic (MOS) shares drop after the fertilizer company said that third-quarter phosphate production fell below what management expected, citing mechanical issues at one plant and utility interruptions at another. Preliminary sales volumes for phosphates fell short of what analysts expected.
- Levi (LEVI) shares are down after the company raised its full-year outlook, but warned that tariffs are starting to bite. The company said that gross margin was bolstered by higher prices and a larger volume of sales through more profitable channels. Levi continues to expect tariffs of 30% in China, but increased its expectation to 20% for the rest of the world, up from the 10% it projected a quarter earlier.
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