Qualcomm shares fell 4.2% in premarket trading on Thursday as the chipmaker's downbeat forecast for its patent licensing business overshadowed strong expectations for quarterly sales and profit.

Qualcomm shares slid Thursday as analysts raised concerns about the company’s relationships with major smartphone makers Apple and Huawei following the company's fiscal first-quarter results.

Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, but its share price fell after the bell on expectations of flat revenue from its patent licensing business.

Wall Street drifted to a mixed close as drops for Ford Motor and Qualcomm worked against buoyant fashion and cigarette stocks. The S&P 500 rose 0.4% Thursday following healthy gains for stock markets across much of Europe and Asia.

Wall Street drifted through a mixed day of trading as rising fashion and cigarette stocks worked against drops for Ford Motor and Qualcomm

Wall Street is drifting Thursday as gains for fashion brands and cigarette makers help offset drops for Ford Motor and Qualcomm following their latest profit reports. The S&P 500 rose