"The hope is the China lift will drive their recovery," said Bernstein analyst Stacy Rasgon. "But anytime you have semiconductor companies looking for a back-half recovery it makes people nervous." Also on Wednesday, Qualcomm said it received a notice from the SEC advising the company of a preliminary determination recommending enforcement action in connection with a previously disclosed China-related bribery investigation. The company denied wrongdoing and said it was cooperating with the investigation. Qualcomm is also being investigated by China's anti-monopoly regulator, which says it suspects the U.S. company of overcharging and abusing its market position, allegations which could lead to fines of more than $1 billion. China and other developing countries are a major opportunity for the San Diego company as consumers upgrade from feature phones to smartphones and as China Mobile rolls out its 4G network with technology that Qualcomm dominates.