Qualcomm Dips on Report That US Is Tightening Chip Export Rules

Qualcomm Inc. slipped in New York trading Tuesday after the Financial Times reported that the US is revoking export licenses to sell chips to Huawei Technologies Co., a move that also will affect Intel Corp.

The step by the Commerce Department would restrict the supply of chips for Huawei’s laptops and phones, according to the newspaper, which cited unidentified people familiar with the situation. The agency confirmed to the Financial Times that it had revoked the licenses, but didn’t name the companies affected.