For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is QUALCOMM (QCOM - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Computer and Technology peers, we might be able to answer that question.
QUALCOMM is one of 605 companies in the Computer and Technology group. The Computer and Technology group currently sits at #7 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. QCOM is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for QCOM's full-year earnings has moved 4.11% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, QCOM has moved about 24.21% on a year-to-date basis. At the same time, Computer and Technology stocks have gained an average of 20.68%. This means that QUALCOMM is outperforming the sector as a whole this year.
Looking more specifically, QCOM belongs to the Wireless Equipment industry, a group that includes 15 individual stocks and currently sits at #123 in the Zacks Industry Rank. On average, stocks in this group have gained 17.54% this year, meaning that QCOM is performing better in terms of year-to-date returns.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to QCOM as it looks to continue its solid performance.