Qualcomm (QCOM Quick QuoteQCOM - Free Report) closed at $123.95 in the latest trading session, marking a -1.42% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.08%. Elsewhere, the Dow saw a downswing of 0.18%, while the tech-heavy Nasdaq appreciated by 0.1%.

The chipmaker's shares have seen a decrease of 8.96% over the last month, not keeping up with the Computer and Technology sector's loss of 2.82% and the S&P 500's loss of 1.74%.

Investors will be eagerly watching for the performance of Qualcomm in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $2.58, reflecting a 9.47% decrease from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $10.64 billion, indicating a 1.85% decline compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $11.06 per share and a revenue of $43.42 billion, indicating changes of -8.06% and -1.63%, respectively, from the former year.

Any recent changes to analyst estimates for Qualcomm should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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 last 30 days, the Zacks Consensus EPS estimate has moved 3.72% lower. Qualcomm currently has a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Qualcomm currently has a Forward P/E ratio of 11.37. For comparison, its industry has an average Forward P/E of 34, which means Qualcomm is trading at a discount to the group.

The Electronics - Semiconductors industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 97, this industry ranks in the top 40% of all industries, numbering over 250.

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.

To follow QCOM in the coming trading sessions, be sure to utilize Zacks.com.