Qualcomm keeps its COO from going to Microsoft by making him CEO but there's a reason one strategist says the company is a buy.
Qualcomm has a new CEO and it may be Microsoft's loss.
The semiconductor giant named its COO Steve Mollenkopf as CEO, replacing Paul Jacobs who will stay on as Executive Chairman of the Board. Mollenkopf was considered to be on the shortlist of candidates to replace outgoing Microsoft CEO Steve Ballmer. Shares remained around flat on Friday.
However, Steve Cortes, founder of Veracruz TJM, believes the company has a bright future.
"Qualcomm has been a big winner; over the last six months, it significantly outperformed both the market and its sector of semiconductors," says Cortes on CNBC's Street Signs' Talking Numbers segment.
"As long as mobile grows, when you own Qualcomm, you don't have to pick which mobile provider is going to win over the other because they really benefit from all of them,"Read More »from This is why Qualcomm is ‘a winner that keeps on winning’: Strategist