Wall Street Breakfast Podcast: QCOM Dips On Laptop Struggles

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Qualcomm (QCOM) dips following reports of AI laptop struggles; other chip stocks drop. (00:26) Canada said to be eyeing tariffs on Chinese EVs, following lead of U.S. and EU. (01:19) WHO warns on fake versions of Novo Nordisk’s (NVO) Ozempic. (02:20)

This is an abridged transcript of the podcast.

Samsung (OTCPK:SSNLF) has a new laptop that is reportedly struggling to run some popular software titles.

Samsung’s new Galaxy Book 4 Edge, which contains Qualcomm’s Snapdragon processor, runs Microsoft’s (MSFT) Windows 11 and includes several AI features is incompatible with some software and games.

According to a report by The Wall Street Journal, the laptop is not currently compatible to run some Adobe (ADBE) software as well as games such as Fortnite and League of Legends.

Qualcomm (NASDAQ:QCOM) dipped more than 5% to end the day on Thursday following the report.

Another report by 9to5Mac found Apple’s (AAPL) M3 chip in the MacBook Air was faster and more efficient for many tasks than the much newer 12-core CPU Qualcomm chips.

The Galaxy Book 4 Edge went on sale in the U.S., South Korea and some other markets on Tuesday.

The compatibility issues follow Wednesday’s news that Qualcomm must pay a $75M settlement to shareholders over anticompetitive sales and licensing practices.

Canada is reportedly planning new tariffs on Chinese-made electric vehicle imports, in line with the latest actions by the U.S. and European Union.

People familiar with the matter told Bloomberg that while a final decision is yet to be made, the Canadian government is expected to announce public consultations on potential tariffs soon.

Canada’s Prime Minister Justin Trudeau has been under pressure to follow the lead of the Biden administration, which quadrupled tariffs on Chinese EVs to 100%.

The EU is planning to provisionally impose additional tariffs of up to 38.1% on Chinese EVs next month.

“I’m calling on the federal government to immediately match or exceed U.S. tariffs on Chinese imports, including at least a 100% tariff on Chinese EVs,” said Ontario Premier Doug Ford. “Taking every advantage of low labor standards and dirty energy, China is flooding the market with artificially cheap EVs. Unless we act fast, we risk Ontario and Canadian jobs.”

A spokesperson for Canada’s Finance Minister Chrystia Freeland said the country is “actively considering next steps to counter Chinese oversupply.”

The World Health Organization has issued a warning regarding fake batches of Novo Nordisk’s (NVO) diabetes medication Ozempic (semaglutide).

The falsified versions were identified in October 2023 in the U.K. and Brazil and in December 2023 in the U.S.

The WHO alert noted that the versions made it into the regulated supply chain.

The organization warned that the fake batches “can lead to health complications resulting from unmanaged blood glucose levels or weight. In other cases, another undeclared active ingredient may be contained in the injection device, e.g. insulin, leading to an unpredictable range of health risks or complications.”

The WHO advises patients to avoid getting drugs from unfamiliar or unverified sources, such as online marketplaces.

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Catalyst watch:

• The stock market could see extra volatility with triple witching day featuring the simultaneous expiration of stock options, stock index futures, and stock index options contracts.

• The S&P 500 Index, S&P MidCap 400 Index, and S&P SmallCap 600 Index will be officially rebalanced after the market closes. CrowdStrike (CRWD), KKR & Co. (KKR), and GoDaddy (GDDY) will join the S&P 500 at market open on June 24. Texas Pacific Land Corp. (TPL), BioMarin Pharmaceutical (BMRN), Warner Music Group (WMG), Nextracker Inc. (NXT), Altair Engineering Inc. (ALTR), and RB Global (RBA) will head to the S&P MidCap 400. Meanwhile, Krystal Biotech (KRYS), Virtu Financial (VIRT), StepStone Group (STEP), Cactus Inc. (WHD), and Tidewater Inc. (TDW) will join the S&P SmallCap 600.

Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is down a fraction at $81 per barrel. Bitcoin is down 2.4% at $64,000.

In the world markets, the FTSE 100 is down 0.8% and the DAX is down 0.5 %.

The biggest movers for the day premarket: Despite exceeding expectations in its FQ4 results, Smith & Wesson Brands (NASDAQ:SWBI) shares fell about 4% as the company anticipates softer near-term demand than originally expected.

On today’s economic calendar:

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.