AT&T Pulls Key Wireless Spectrum from Qualcomm

Late yesterday AT&T (NYSE:T) announced it had received a regulatory okay for the $1.9 billion purchase of wireless spectrum from Qualcomm (NASDAQ:QCOM). The companies plan to close the deal “in the coming days,” ahead of guidance for the end of Q1 2012.

Approximately $1.9 billion is buying AT&T 700 MHz spectrum licenses covering more than 300 million people.

“This spectrum will help AT&T continue to deliver a world-class mobile broadband experience to our customers,” said Bob Quinn, senior vice president-Federal Regulatory, AT&T.

Here’s how AT&T and Qualcomm shares are reacting to the news:

AT&T, Inc. (NYSE:T): T shares recently traded at $29.90, up $0.24, or 0.81%. They have traded in a 52-week range of $27.20 to $31.94. Volume today was 6,264,061 shares versus a 3-month average volume of 27,559,200 shares. The company’s trailing P/E is 15.17, while trailing earnings are $1.97 per share. Get the most recent company news and stock data here >>

QUALCOMM Incorporated (NASDAQ:QCOM): QCOM shares recently traded at $54.29, down $0.09, or 0.17%. They have traded in a 52-week range of $45.98 to $59.84. Volume today was 1,632,025 shares versus a 3-month average volume of 15,727,200 shares. The company’s trailing P/E is 21.59, while trailing earnings are $2.52 per share. Get the most recent company news and stock data here >>