Qualcomm reported fiscal fourth-quarter results that bested Wall Street’s estimates
Semiconductor firm Qualcomm Inc (NASDAQ:QCOM) reported fiscal fourth-quarter results after yesterday’s close, with earnings per share and revenue both beating estimates. What’s more, the company’s December quarter guidance was higher than expected, and the company’s board approved $15 billion in additional buybacks.
At last glance, the chip stock was up 1.6% at $175.82, extending its year-over-year lead to 47.1%. On the charts, QCOM briefly broke above the $180 level and its 160-day moving average, but is back to trading below both layers of resistance. In the near-term, Qualcomm stock is now up more than 22% since the start of 2024, and it sports a modest 3.6% quarter-to-date gain.
In the options pits, intraday options volume is running at 5 times the average amount typically seen at this point. Already, 80,000 calls and 28,000 puts have been traded, with the most activity taking place at the weekly 11/8 185-strike call, where new positions are being sold to open.
Analysts are mostly quiet following the results, though J.P. Morgan Securities hiked its price target by $5 to $200. Coming into today’s session, the brokerage bunch was split on the security, with 17 calling it a “buy” or better and 13 rating it a “hold” or worse.