New Trade for July 23rd, 2021

What a week!  After last week’s losses and Monday’s sharp sell-off, a winning streak over the last four days has pushed the major indices back into record territory range.  The Dow, the Nasdaq, and the S&P 500 are now all within 1% of their record highs.  Heading into the opening bell, the Dow was up 0.4% for the week, the S&P 500 was up 09.% and the Nasdaq was up 1.8%.  Let’s see where the final day of the trading week will lead.

Solid earnings numbers from companies in the tech sector like Snapchat (SNAP) and Twitter (TWTR) have helped boost tech stocks ahead of reports next week from some of the biggest names in the sector.



In today’s trade we’ll cover a company that’s leading the way as 5G networks blanket cities around the globe.  The stock is garnering attention on Wall Street.  In fact, it’s been noted by several analysts that the share price is nearing an ideal entry as the company’s upcoming earnings call draws near.  Are the tracks being laid for a big move upward?  Read on to find out what our team has to say.   

 San Diego based Qualcomm Inc (QCOM) manufactures and markets digital wireless telecom products and services.  Their products include Code Division Multiple Access (CDMA) based integrated circuits (ICS) and system software for wireless voice and data communications as well as GPS products. 

In March, Qualcomm completed the acquisition of the world-class CPU and technology design company NUVIA. The acquisition  is expected to expand the company’s portfolio.  Qualcomm Technologies expects to integrate next-generation CPUs across a broad portfolio of products, including powering flagship smartphones, digital cockpits, advanced driver assistance systems, and infrastructure networking solutions.

The company is scheduled to release its financial results for the third quarter (ended June 30, 2021) on July 28.  This chipmaker is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of +94.2%.  Revenues are expected to be $7.58 billion, up 54.8% from the year-ago quarter.

Over the past 30 days the consensus EPS estimate for the quarter has been revised 0.89% higher, which is a reflection of how the covering analysts have reassessed their initial estimates upward, a good sign for the stock ahead of earnings.

 The company has also announced a $0.68 per share quarterly cash dividend.  While an investment in QCOM that’s initiated now won’t be eligible for this round of dividends, the hike is noteworthy because it reflects solid financial strength.  Plus, QCOM has consistently increased its dividend for the past 18 years, so it’s not likely their dividend is going anywhere anytime soon.  So you can catch it the next time around. 

The consensus EPS estimate for the quarter has been revised 0.89% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have reassessed their initial estimates upwards.

Of 29 analysts offering recommendations for QCOM, 19 rate it a Buy and 10 rate it a Hold.  There are no Sell ratings for QCOM.  A median 12-month price target of $175 represents a 23% increase from its current price.  

Where to invest $1,000 right now...

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