Cirrus Logic Getting Hammered Pre-Market (CRUS)

Cirrus Logic, Inc. CRUS is getting killed in pre-market trading, as it appears it may lose the next generation iPhone contract to Qualcomm QCOM. AppleInsider reported that Qualcomm, the maker of CDMA technology, is going to collaborate with Apple AAPL on the new iPhone. According to Taipei's Economic Daily News, the newspaper claims to have knowledge of more than a half-dozen other component suppliers for Apple's next-generation products. Here is the full report on the contract between Apple and Qualcomm, which includes the iPhone 5 and the iPad 2. Shares of Cirrus Logic are down 13.3% or $2.53 to $16.49 in pre-market trading. Conversely, shares of Qualcomm are up 2% in pre-market to $45.23, a gain of 92 cents.