QUALCOMM TOPS Q2 PROFIT ESTIMATES, STOCK RISES ABOVE MA5
Qualcomm is currently trading at 88.02-higher by 1.90% as compared to the previous closing. In Pre-market trading on Thursday, the stock was trading higher by 1.19%. The stock has continued gaining after the opening bell.
The chipmaker reported better-than-expected quarterly earnings after the market close on Wednesday. Qualcomm generated EPS of 77 cents for the second quarter. The EPS was above the market expectation of 71 cents. The company brought in $4.88 billion in revenue for the second quarter. The revenue was above the consensus estimates of $4.80 billion.
The company forecast revenue for its patent licensing business between $1.23 billion and $1.33 billion for the third quarter ending 30th June. The revenue was above the median forecast of $1.01 billion.
The chipmaker also said it expects between $4.5 billion and $4.7 billion in revenue from its settlement with Apple.
On the technical front, the RSI is currently at 85.45% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 93% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- STOP BUY AT 88.20 TAKE PROFIT AT 89.20 STOP LOSS AT 87.70