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 625 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
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 14.98% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, QCOM has gained about 9.93% so far this year. At the same time, Computer and Technology stocks have gained an average of 10.33%. This means that QUALCOMM is performing better than its sector in terms of year-to-date returns.
Looking more specifically, QCOM belongs to the Wireless Equipment industry, a group that includes 18 individual stocks and currently sits at #76 in the Zacks Industry Rank. On average, this group has gained an average of 16.15% so far this year, meaning that QCOM is slightly underperforming its industry in terms of year-to-date returns.
Investors in the Computer and Technology sector will want to keep a close eye on QCOM as it attempts to continue its solid performance.