Qualcomm (NASDAQ:QCOM) is set to report earnings after the close today. First Call has $0.53 EPS and $2.26 Billion in revenues as consensus, with next quarter pegged at $0.52 EPS and $2.38 Billion revenues.
Options traders have expectations set for a move of up to $1.20 to $1.40 in either direction. The average analyst target from Wall Street analysts is still north of $53.00. Qualcomm’s chart has just gotten back within 1% of a key support level since the summer malaise, but it’s been range bound for the last month up until yesterday and today. The mid-October short interest was listed as 23.3 million shares, which is the lowest short interest reading since February 2007.
Earlier today this was one of only two tech stocks of the top ten in the NASDAQ 100 that was positive, but now shares are down almost 3% at $40.02.
After Broadcom (NASDAQ:BRCM) was destroyed after the last earnings and with so many unknowns in the ongoing legal fight, this one is too hard to try outguessing.
Jon C. Ogg
November 8, 2007
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