Qualcomm is soaring after agreeing with Apple to drop all litigation

• Qualcomm shares surged late Tuesday after the company and Apple reached an agreement to dismiss all litigation related to their royalty dispute.
• The settlement includes a payment from Apple to Qualcomm, though a press release did not specify its terms.
• Watch Qualcomm and Apple trade live.

Shares of the chipmaker Qualcomm surged 16% late Tuesday after the company and Apple agreed to drop all litigation related to their royalty dispute.

The settlement includes a payment from Apple to Qualcomm, though a press release did not specify its terms.

Apple shares were little changed following the announcement.

This story is developing. Check back for updates.

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