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Qualcomm is currently trading at 70.77-lower by 3.27% as compared to the previous closing. In Pre-market trading on Thursday, the stock was trading lower by 6.60%. The stock has pared some of its earlier losses after the opening bell.
The chipmaker reported third-quarter earnings after the market close on Wednesday. Qualcomm generated an EPS (excluding certain items) of 80 cents for the quarter ended 30th June. The EPS was above the market expectation of 75 cents. Qualcomm brought in $4.89 billion in revenue for the third quarter. The revenue was, however, below the consensus estimates of $5.08 billion.
The company forecast revenue between $4.3 billion and $5.1 billion for the fourth-quarter ending in September. The forecasted revenue was below the median forecast of $5.63 billion. Qualcomm expects adjusted EPS between 65 cents and 75 cents below the market expectation of $1.08 for its fiscal fourth quarter.
The company said that its quarterly revenue and profit forecast fall short of consensus estimates due to Huawei Technologies strong gains in the Chinese smartphone market.
On the technical front, the RSI is currently at 38.12% and suggests that the market can move in the downward direction. The current price is below the MA5. The %K has crossed the %D from above to the downside at around 33% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 70.90 TAKE PROFIT AT 69.70 STOP LOSS AT 71.50