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Stock of Qualcomm shot up 2.39% to $48.06 today (Jan. 5) as Google introduced its new smartphone, called Nexus One. The new phone, which will compete with Apple's iPhone, as well as entries from Palm, Nokia, and Research in Motion, features a 1gigahertz Snapdragon processor from San Diego-based Qualcomm. Erick Tseng, a senior product manager at Google, said Qualcomm's processor keeps multiple applications running quickly. The new phone has a 3.7-inch touchscreen display and is about the thickness of a No.2 pencil, weighing only 130 grams or no more than a Swiss Army knife, according to Tseng. Google calls it a "superphone." It has such features as speech recognition and a 5 megapixel camera.

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