QUALCOMM Incorporated (NASDAQ: QCOM)
QUALCOMM Incorporated (QCOM), a global digital communications products and services company yesterday reported their third quarter 2016 financial results. Qualcomm reported third quarter earnings of $1.16 per share which beat analyst expectations of $0.97 per share. Qualcomm reported third quarter revenues of $6 billion which beat analyst expectations of $5.58 billion.
QUALCOMM Incorporated CEO’s Comments
“We delivered strong results this quarter, with EPS well ahead of our guidance based on meaningful progress with licensees in China. Our chipset business is also benefiting from a strong new product ramp across tiers, particularly with fast growing OEMs in China. We are executing well on our strategic priorities, and we remain confident that our focused investments in 5G and other advanced technologies will create a strong foundation for long-term earnings growth.” 24/7 Wall St.
QCOM Technical Analysis
QCOM opened trading yesterday at $55.36 which was up from the previous days trading of $55.14. QCOM closed trading yesterday at $55.82 and spiked up after market to $59.75, equivalent to a 7% increase from the closing price. Taking a look at the daily chart we can see the last time QCOM traded above these levels was on November 4th, 2015, when it traded at $60.26. Taking a closer look at the daily chart we can see that QCOM has been on an overall upward trend dating back to February 11th when it traded of $43.00. QCOM has a float of 1.47 billion shares and traded 1.86 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see QCOM open trading on Thursday above $58.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
QUALCOMM Incorporated develops, designs, manufactures, and markets digital communications products and services in China, South Korea, Taiwan, the United States, and internationally. The company operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access (OFDMA), and other technologies for use in voice and data communications, networking, application processing, multimedia, and global positioning system products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of certain wireless products comprising products implementing CDMA2000, WCDMA, CDMA TDD, and/or LTE standards, as well as their derivatives. The QSI segment invests in early-stage companies in various industries, including digital media, e-commerce, healthcare, and wearable devices for supporting the design and introduction of new products and services for voice and data communications, as well as holds wireless spectrum. The company also develops and offers products for implementation of small cells, as well as for data centers; mobile health products and services; software products, and content and push-to-talk enablement services to wireless operators; development, and other services and related products to the United States government agencies and their contractors; and software products that enable wireless learning for educators and students. QUALCOMM Incorporated was founded in 1985 and is headquartered in San Diego, California. Yahoo Finance