People stroll through Qualcomm's booth inside the Las Vegas Convention Center during the Consumer Electronics Show, January, 2018.

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Shares of Qualcomm (QCOM) are up $1.59, or 2.4%, at $66.97, after the company this morning made a series of announcements to beat back Broadcom's (AVGO) hostile bid.

The company announced it is going to commence a $1 billion expense reduction program that will achieve $6.75 per share to $7.50 per share in net income by next fiscal year, which is well above the $3.77 per share that the Street is currently projecting. The company has posted a video from CEO Steve Mollenkopf and his executives on its Web site, urging them to reject a slate of directors Broadcom has proposed to replace Qualcomm’s board. You can also read the company’s proxy statement filed with the Securities & Exchange Commission.