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What Investors Missed in the Market Last Week

The markets welcomed some positive news last week, as the U.S. created 222,000 new jobs in June. That tally was the largest in four months and the second largest year to date. The icing on the cake came in the form of May and April jobs results that were stronger than previously reported. While this is obviously good news for the economy in general, it also continues to send the signal to investors that the Federal Reserve will continue on its path to push interest rates gradually higher.

There were also some big movers and headlines in the markets week week. Here are some of the highlights.

When friends become enemies

After a couple of months of rumors , it's finally official: Qualcomm (NASDAQ: QCOM) announced last week that it filed a patent-infringement suit against Apple (NASDAQ: AAPL) , its largest customer. In fact, Apple accounts for as much as 30% of Qualcomm's earnings per share, according to Macquarie Capital. While most investors knew suspected was coming, the International Trade Commission will probably start digging into the dispute next month, with the case likely to be tried in 2018.

Here's what Don Rosenberg, Qualcomm's executive vice president and general counsel, had to say.

Qualcomm's inventions are at the heart of every iPhone and extend well beyond modem technologies or cellular standards. The patents we are asserting represent six important technologies, out of a portfolio of thousands, and each is vital to iPhone functions. Apple continues to use Qualcomm's technology while refusing to pay for it. These lawsuits seek to stop Apple's infringement of six of our patented technologies.

Here's a closer look at those six important technologies.

Qualcomm is requesting a cease-and-desist order, which would block the sales of infringing iPhones that have already been...