A late-Friday report that Qualcomm recently made a "takeover approach" to Intel sent the latter company's shares higher.

Intel stock closed up 3.3% on the news, after jumping as much as 9.5% when the story first broke. Qualcomm closed down 2.9% after sinking 6% earlier, showing Qualcomm investors didn't like the idea of a tie-up between the two chip giants.

Chip giant Qualcomm made a takeover approach to rival Intel in recent days, according to people familiar with the matter, in what would be one of the largest and most consequential deals in recent years.