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Qualcomm (QCOM) Stock Moves -1.09%: What You Should Know
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In the latest trading session, Qualcomm (QCOM - Free Report) closed at $110.98, marking a -1.09% move from the previous day. The stock's change was more than the S&P 500's daily loss of 1.34%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq decreased by 1.62%.
The chipmaker's shares have seen an increase of 1.34% over the last month, surpassing the Computer and Technology sector's loss of 0.34% and the S&P 500's loss of 1.57%.
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. On that day, Qualcomm is projected to report earnings of $1.92 per share, which would represent a year-over-year decline of 38.66%. Meanwhile, our latest consensus estimate is calling for revenue of $8.55 billion, down 25.01% from the prior-year quarter.
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 company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.45% lower. Qualcomm is currently a Zacks Rank #3 (Hold).
In the context of valuation, Qualcomm is at present trading with a Forward P/E ratio of 12.32. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 12.32.
Also, we should mention that QCOM has 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. QCOM's industry had an average PEG ratio of 1.59 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 170, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Qualcomm (QCOM) Stock Moves -1.09%: What You Should Know
In the latest trading session, Qualcomm (QCOM - Free Report) closed at $110.98, marking a -1.09% move from the previous day. The stock's change was more than the S&P 500's daily loss of 1.34%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq decreased by 1.62%.
The chipmaker's shares have seen an increase of 1.34% over the last month, surpassing the Computer and Technology sector's loss of 0.34% and the S&P 500's loss of 1.57%.
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. On that day, Qualcomm is projected to report earnings of $1.92 per share, which would represent a year-over-year decline of 38.66%. Meanwhile, our latest consensus estimate is calling for revenue of $8.55 billion, down 25.01% from the prior-year quarter.
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 company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.45% lower. Qualcomm is currently a Zacks Rank #3 (Hold).
In the context of valuation, Qualcomm is at present trading with a Forward P/E ratio of 12.32. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 12.32.
Also, we should mention that QCOM has 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. QCOM's industry had an average PEG ratio of 1.59 as of yesterday's close.
The Wireless Equipment industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 170, placing it within the bottom 33% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.