Finance

Qualcomm stocks soar on Wall Street following Apple resolution

US chipmaker Qualcomm has seen its shares prices soar on the New York Stock Exchange following the end to a long-running dispute between them and iPhone manufacturer Apple over patent license agreements.

The pair where set for another protracted legal battle in San Diego but managed to broker an agreement that satisfied both parties over royalty payments.

It has been reported that resolution deal between Apple and Qualcomm includes a six-year license agreement with the option to extend for two years, and a payment to Qualcomm from the US tech behemoth.

Qualcomm shares rocketed by 15.2% as news of the deal broke on Wall Street. Apple saw its share price rise by 0.7% although it was significantly less than that of Qualcomm. Dow member IBM saw its shares plummet by 4.6% after Q1 sales fell short of analyst projections.

The US economy has been under the microscope in recent weeks after some fiscal analysts had claimed it was slowing down. However, Wall Street stocks were mostly higher following better-than-expected Chinese economic data.  China's first-quarter growth came in at above expectations at 6.4 percent following government stimulus measures, a report that eases concerns about slowing global growth.