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Qualcomm (QCOM) Stock Falls Amid Market Uptick: What Investors Need to Know
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The latest trading session saw Qualcomm (QCOM - Free Report) ending at $111.12, denoting a -1.06% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.43%. At the same time, the Dow added 0.19%, and the tech-heavy Nasdaq gained 0.71%.
Shares of the chipmaker have appreciated by 0.97% over the course of the past month, outperforming the Computer and Technology sector's loss of 1.56% and the S&P 500's loss of 2.1%.
Market participants will be closely following the financial results of Qualcomm in its upcoming release. The company plans to announce its earnings on November 1, 2023. It is anticipated that the company will report an EPS of $1.92, marking a 38.66% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $8.55 billion, down 25.01% from the prior-year quarter.
Investors should also pay attention to any latest changes in analyst estimates for Qualcomm. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% lower. Qualcomm is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Qualcomm's current valuation metrics, including its Forward P/E ratio of 12.34. This signifies a premium in comparison to the average Forward P/E of 11.9 for its industry.
We can additionally observe that QCOM currently boasts a PEG ratio of 0.77. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Wireless Equipment industry stood at 1.29 at the close of the market yesterday.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 108, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Qualcomm (QCOM) Stock Falls Amid Market Uptick: What Investors Need to Know
The latest trading session saw Qualcomm (QCOM - Free Report) ending at $111.12, denoting a -1.06% adjustment from its last day's close. This change lagged the S&P 500's daily gain of 0.43%. At the same time, the Dow added 0.19%, and the tech-heavy Nasdaq gained 0.71%.
Shares of the chipmaker have appreciated by 0.97% over the course of the past month, outperforming the Computer and Technology sector's loss of 1.56% and the S&P 500's loss of 2.1%.
Market participants will be closely following the financial results of Qualcomm in its upcoming release. The company plans to announce its earnings on November 1, 2023. It is anticipated that the company will report an EPS of $1.92, marking a 38.66% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $8.55 billion, down 25.01% from the prior-year quarter.
Investors should also pay attention to any latest changes in analyst estimates for Qualcomm. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% lower. Qualcomm is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Qualcomm's current valuation metrics, including its Forward P/E ratio of 12.34. This signifies a premium in comparison to the average Forward P/E of 11.9 for its industry.
We can additionally observe that QCOM currently boasts a PEG ratio of 0.77. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Wireless Equipment industry stood at 1.29 at the close of the market yesterday.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 108, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.