Qualcomm wins big in patent case settlement with Apple; shares jump

Apple Inc and Qualcomm Inc on Tuesday decided to drop all ongoing litigations and settle their royalty dispute, reaching an agreement on global patent license and chipset supply.

The settlement also includes a payment from Apple to Qualcomm, whose size the two companies did not disclose.

Shares of Qualcomm jumped 22 percent in late afternoon trading, while Apple stock was up marginally.