Activist investor Barry Rosenstein, the founder of $11 billion JANA Partners, disclosed a huge stake in wireless technology developer giant Qualcomm.
The Wall Street Journal is reporting that JANA Partners now owns about $2 billion worth of Qualcomm's stock making it the fund's largest position. Qualcomm has a market cap of more than $114 billion.
According to the Journal, which cites an investor letter, JANA is urging the company to spin off its chip business from its patent-licensing business. JANA also wants the company to cut costs and accelerate share repurchases, the Journal reported.
Shares were up 4.8% in the pre-market. The stock has lagged this year. Shares of Qualcomm are down more than 6% since the beginning of 2015.
Here's a chart of Qualcomm's performance this year:
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