ReportWire

Tag: QCOM

  • Qualcomm trimming workforce by 2.5% with California job cuts

    Qualcomm trimming workforce by 2.5% with California job cuts

    [ad_1]

    Qualcomm Inc.
    QCOM,
    +0.30%
    will cut about 2.5% of its workforce in December with job cuts centered in California, the chip maker reported in filings to regulators. In filings with the California Employment Development Department on Thursday, Qualcomm said it planned to eliminate 1,064 positions in San Diego, and 194 in Santa Clara, Calif., with the cuts occurring in mid-December. Qualcomm last reported having 51,000 employees globally. Back in August, Qualcomm warned that revenue growth would depend upon a recovery in mobile sales and sales in China.

    [ad_2]

    Source link

  • Stock Plays for October: 3 to Watch, According to J.P. Morgan

    Stock Plays for October: 3 to Watch, According to J.P. Morgan

    [ad_1]

    The stock market is entering October a little battered and bruised after September’s selloff. However, that also offers opportunities and


    J.P. Morgan


    analysts have some ideas for where to invest at the start of t…

    [ad_2]

    Source link

  • Arm Sets Target Valuation for IPO. It’s Likely to Be the Biggest of the Year.

    Arm Sets Target Valuation for IPO. It’s Likely to Be the Biggest of the Year.

    [ad_1]

    Arm Holdings is set for a blockbuster initial public offering which will test market appetite for an important technology company. However, its targeted valuation suggests it is accepting it won’t be the next


    Nvidia

    …

    [ad_2]

    Source link

  • Intel Stock Drops Despite Plan for Cost Savings. This Is Why.

    Intel Stock Drops Despite Plan for Cost Savings. This Is Why.

    [ad_1]

    Chip maker


    Intel


    offered positive news on its foundry business Wednesday as it continues to build out new facilities to expand the custom chip-making service. Investors sold the stock anyway.

    [ad_2]

    Source link

  • Qualcomm stock sinks as weak smartphone demand pushes inventory drawdown out to ‘at least the next couple quarters’

    Qualcomm stock sinks as weak smartphone demand pushes inventory drawdown out to ‘at least the next couple quarters’

    [ad_1]

    Qualcomm Inc. shares fell in the extended session Wednesday after the chip maker said inventory issues will remain past June because of a downturn in handset demand and the company’s outlook disappointed.

    After declining 2.8% to close the regular session $112.83, Qualcomm
    QCOM,
    -2.82%
    shares started sliding after the release of the company’s results at Wednesday’s close, and sank to a deficit of more than 7% after hours by the time the executives’ call with analysts ended. Shares ended the extended trading session down 6.6%.

    On the conference call, Qualcomm Chief Executive Cristiano Amon told analysts that the “evolving macroeconomic backdrop has resulted in further demand deterioration, particularly in handsets, at a magnitude greater than we previously forecasted.”

    Earlier, Qualcomm had forecast adjusted earnings of $1.70 to $1.90 a share on revenue of $8.1 billion to $8.9 billion for the fiscal third quarter. Analysts had estimated earnings of $2.17 a share on revenue of $9.13 billion for the third quarter.

    Qualcomm shares sank after hours Wednesday.


    FactSet

    Last quarter, Qualcomm said inventory issues would persist into June, and Wall Street pretty much accepted it. Qualcomm’s inventory problems go back to last year, when the company’s share price fell in November to lows not seen in more than two years after executives said there was up to 10 weeks of inventory in the channel, and forecast a $2 billion shortfall coming off record sales.

    A drop in handset demand, however, has extended the time frame of inventory drawdowns considerably past the previously forecast end of June, the company said. As its largest business segment, Qualcomm handset sales fell 17% to $6.11 billion from a year ago.

    “As a result, we’re operating under the assumption that inventory drawdown dynamics remain a significant factor for at least the next couple quarters,” Amon told analysts. “Additionally, while expectations are for a rebound in China demand in the second half of the calendar year, we have not seen evidence of meaningful recovery and are not incorporating improvements into our planning assumptions.”

    The company reported fiscal second-quarter net income of $1.7 billion, or $1.52 a share, compared with $2.93 billion, or $2.57 a share, in the year-ago period. The chip maker reported adjusted earnings, which exclude stock-based compensation expenses and other items, of $2.15 a share, compared with $3.21 a share in the year-ago period. Total revenue for the quarter fell to $9.28 billion from $11.16 billion in the year-ago period.

    Analysts surveyed by FactSet had forecast $2.15 a share on revenue of $9.09 billion, based on Qualcomm’s forecast of $2.05 to $2.25 a share on revenue of $8.7 billion to $9.5 billion.

    In Qualcomm’s other end-market segments, auto sales rose 20% to $447 million and Internet-of-Things sales fell 24% to $1.39 billion for the second quarter, the company said.

    Late Monday, auto chip supplier NXP Semiconductor NV
    NXPI,
    -2.30%
    topped Wall Street expectations, and shares rallied Tuesday, while last week, another big supplier to the auto market, Texas Instruments Inc. 
    TXN,
    -0.36%
    said that sales to the auto industry remained strong.

    Qualcomm shares already lag the broader chip sector and market, and were up only 3% year to date at Wednesday’s close. In comparison, the PHLX Semiconductor Index
    SOX,
    -1.32%
    has surged 17%, the S&P 500 index 
    SPX,
    -0.70%
    has gained 7%, and the tech-heavy Nasdaq Composite Index 
    COMP,
    -0.46%
    has grown 15%.

    In other chip earnings, Advanced Micro Devices Inc.
    AMD,
    -9.22%
    shares dropped 9.2% Wednesday after the chip maker’s optimism for the second half of the year late Tuesday did not rub off on analysts.

    Read: ‘AI for us is broader than cloud,’ AMD CEO tells analysts, but chip maker still needs PC recovery to improve margins

    And last week, Intel Corp.
    INTC,
    +2.96%
    reported its largest quarterly loss ever, but saw its shares rise because PC and data-center sales, while on the decline, had come in better than expected. Intel also lowered expectations on its forecast.

    [ad_2]

    Source link

  • Apple, Amazon, Alphabet, Ford, Nordstrom, and More Stock Market Movers

    Apple, Amazon, Alphabet, Ford, Nordstrom, and More Stock Market Movers

    [ad_1]

    This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.

    https://www.barrons.com/articles/stock-market-movers-apple-amazon-google-ford-51675354870

    • Order Reprints
    • Print Article

    [ad_2]

    Source link

  • QUALCOMM Incorporated (NASDAQ:QCOM) Shares Acquired by Aptus Capital Advisors LLC

    QUALCOMM Incorporated (NASDAQ:QCOM) Shares Acquired by Aptus Capital Advisors LLC

    [ad_1]

    Aptus Capital Advisors LLC increased its stake in QUALCOMM Incorporated (NASDAQ:QCOM – Get Rating) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,390 shares of the wireless technology company’s stock after acquiring an additional 436 shares during the period. Aptus Capital Advisors LLC’s holdings in QUALCOMM were worth $948,000 as of its most recent SEC filing.

    Several other hedge funds have also modified their holdings of QCOM. Cowa LLC acquired a new stake in shares of QUALCOMM in the first quarter worth approximately $94,000. Renaissance Technologies LLC lifted its position in QUALCOMM by 335.5% during the first quarter. Renaissance Technologies LLC now owns 1,789,760 shares of the wireless technology company’s stock valued at $273,511,000 after buying an additional 1,378,786 shares in the last quarter. SG Americas Securities LLC lifted its position in QUALCOMM by 112.7% during the third quarter. SG Americas Securities LLC now owns 97,900 shares of the wireless technology company’s stock valued at $11,061,000 after buying an additional 867,586 shares in the last quarter. FIFTHDELTA Ltd lifted its position in QUALCOMM by 145.1% during the second quarter. FIFTHDELTA Ltd now owns 1,315,638 shares of the wireless technology company’s stock valued at $168,060,000 after buying an additional 778,900 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. acquired a new position in QUALCOMM during the second quarter valued at approximately $84,359,000. 70.87% of the stock is owned by institutional investors and hedge funds.

    Insider Buying and Selling at QUALCOMM

    In other QUALCOMM news, insider Alexander H. Rogers sold 26,427 shares of the business’s stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $122.33, for a total transaction of $3,232,814.91. Following the completion of the sale, the insider now owns 51,179 shares in the company, valued at $6,260,727.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Erin L. Polek sold 2,894 shares of the business’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $121.10, for a total transaction of $350,463.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexander H. Rogers sold 26,427 shares of the business’s stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $122.33, for a total transaction of $3,232,814.91. Following the transaction, the insider now directly owns 51,179 shares of the company’s stock, valued at approximately $6,260,727.07. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

    Analysts Set New Price Targets

    A number of brokerages have weighed in on QCOM. Cowen reduced their price target on shares of QUALCOMM from $185.00 to $165.00 and set an “outperform” rating on the stock in a research report on Thursday, November 3rd. Canaccord Genuity Group reduced their price target on shares of QUALCOMM from $225.00 to $165.00 and set a “buy” rating on the stock in a research report on Thursday, November 3rd. Raymond James dropped their price objective on shares of QUALCOMM from $190.00 to $150.00 and set a “strong-buy” rating on the stock in a research note on Thursday, November 3rd. Piper Sandler dropped their price objective on shares of QUALCOMM from $185.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, November 3rd. Finally, Rosenblatt Securities dropped their price objective on shares of QUALCOMM from $220.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, November 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.31.

    QUALCOMM Stock Up 0.0 %

    Shares of NASDAQ:QCOM opened at $120.28 on Wednesday. The company has a current ratio of 1.75, a quick ratio of 1.21 and a debt-to-equity ratio of 0.75. QUALCOMM Incorporated has a 12-month low of $101.93 and a 12-month high of $192.10. The company has a fifty day simple moving average of $117.89 and a 200 day simple moving average of $126.16. The firm has a market cap of $134.83 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 0.87 and a beta of 1.23.

    QUALCOMM (NASDAQ:QCOM – Get Rating) last released its earnings results on Wednesday, November 2nd. The wireless technology company reported $2.74 earnings per share for the quarter, meeting the consensus estimate of $2.74. QUALCOMM had a net margin of 29.27% and a return on equity of 86.71%. The firm had revenue of $11.40 billion during the quarter, compared to analyst estimates of $11.38 billion. On average, equities research analysts anticipate that QUALCOMM Incorporated will post 8.81 EPS for the current fiscal year.

    QUALCOMM Profile

    (Get Rating)

    QUALCOMM, Inc engages in the development, design, and provision of digital telecommunications products and services. It operates through the following segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products.

    Read More

    Want to see what other hedge funds are holding QCOM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QUALCOMM Incorporated (NASDAQ:QCOM – Get Rating).

    Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

    Receive News & Ratings for QUALCOMM Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for QUALCOMM and related companies with MarketBeat.com’s FREE daily email newsletter.

    [ad_2]

    ABMN Staff

    Source link

  • Nvidia, AMD, and Lam Research Slide After Micron Disappoints

    Nvidia, AMD, and Lam Research Slide After Micron Disappoints

    [ad_1]

    Nvidia, AMD, and Lam Research Slide After Micron Disappoints

    [ad_2]

    Source link

  • Qualcomm stock declines after Wells Fargo turns bearish

    Qualcomm stock declines after Wells Fargo turns bearish

    [ad_1]

    Wells Fargo analyst Gaby Mobley downgraded shares of Qualcomm Inc.
    QCOM,
    -1.07%
    to underweight from equal weight Monday, writing that the reasoning behind the ratings change is consistent with his October downgrades of Qorvo Inc.
    QRVO,
    -0.31%
    and Skyworks Solutions Inc.
    SWKS,
    -0.86%    .
    “That is, once investor sentiment toward the chip sector turns more positive, or once investors are convinced we’ve reached a trough in the chip cycle, we believe shares of companies w/high smartphone exposure should underperform the broader chip sector,” Mobley wrote. He anticipates that Qualcomm’s stock could trade at a discount to peer names in part given expected negative investor attitudes toward the “no-growth mobile handset market.” He kept a $105 price target on shares of Qualcomm, which have dropped 35% over the past 12 months as the S&P 500
    SPX,
    +0.12%
    has declined by about 17%.

    [ad_2]

    Source link

  • Qualcomm stock plunges to lowest price in more than two years as magnitude of smartphone shortfall shocks Wall Street

    Qualcomm stock plunges to lowest price in more than two years as magnitude of smartphone shortfall shocks Wall Street

    [ad_1]

    Wall Street had braced for a bumpy ride as Qualcomm Inc. navigated an oversupplied market for smartphone chips, but the chip maker’s stock still got T-boned Thursday after a disappointing holiday forecast.

    Qualcomm
    QCOM,
    -6.01%
    shares fell as much as 9.4% Thursday morning to an intraday low of $101.93, the lowest price for the company’s shares since July 2020. Investors were reacting to executives saying the company had up to 10 weeks of inventory in the channel, and that its record handset sales would be followed up by, at best, a $2 billion shortfall in the current quarter, compared with the Wall Street consensus at the time.

    “A weak market, and even a potential inventory correction, was likely not entirely unexpected,” Bernstein analyst Stacy Rasgon wrote, while adding that “the magnitude is probably worse than what some might have had in mind (though it is certainly not confined to Qualcomm, with virtually all handset-exposed players showing similar dynamics).”

    Rasgon cut his price target on the stock to $140 from $165, while pointing out that executive color suggested that Qualcomm would keep Apple Inc.’s
    AAPL,
    -3.63%
    business through at least the next iPhone cycle, an important note as the iPhone maker seeks to start building its own wireless components.

    More than half of the analysts who cover Qualcomm cut their price targets in reaction to the report, according to FactSet tracking. Evercore ISI analyst C.J. Muse cut his target to $120 from $130 while maintaining an in-line rating; he wrote that while Qualcomm set up for a miss, as it did last quarter, the actual read was much worse than expected.

    “While the buyside was clearly set up for a miss, the magnitude for the December Q was clearly a lot worse than expected with revenues/EPS guided 20%/32% below consensus,” Muse said.

    Read: More about Qualcomm earnings

    “Here, management highlighted demand weakness (CY22 handsets now expected down low double-digits% vs. prior down mid-single digits%; largely Android market and includes premium tier) and elevated channel inventory (now 8-10 weeks oversupply) as the key drivers of weakness,” the Evercore analyst noted.

    Of the 32 analysts who cover Qualcomm, 20 have buy-grade ratings and 12 have hold ratings. Of those 32 analysts, 19 cut price targets resulting in an average target price of $153.75, down from a previous $172.71, according to FactSet data.

    Qualcomm stock has declined more than 42% so far this year, in line with a 41.2% decline for the PHLX Semiconductor Index
    SOX,
    -0.65%    ,
    but well past the 21.1% year-to-date decline for the S&P 500 index
    SPX,
    -0.50%    .

    [ad_2]

    Source link

  • Qualcomm stock drops more than 7% after poor outlook, months-long chip glut

    Qualcomm stock drops more than 7% after poor outlook, months-long chip glut

    [ad_1]

    Qualcomm Inc. shares fell in the extended session Wednesday following the chip maker’s poor outlook, and estimates of about two months or more of inventory it needs to clear in its core business.

    Qualcomm
    QCOM,
    -4.12%
    shares dropped 7.6% after hours, following a 4.1% decline to close at $112.50 in the regular session. In late July, the San Diego-based chip maker cut its forecast because of weakness in the smartphone market that had yet to creep into the premium handset market.

    On the call with analysts, Chief Executive Cristiano Amon said the accelerated weak demand was related to “macro economic headwinds and the prolonged COVID in China,” and “the rapid deterioration in demand and easing of supply constraints” across the chip industry.” would take out about 80 cents a share in first-quarter earnings.

    “It’s the major factor,” Amon told analysts on the call. “It’s mostly a handset consumer story.” Earnings for the first quarter, as a results, would take a hit of 80 cents a share, the company said.

    Another big factor is that companies are just spending less. Amon said “companies across the board had much higher inventory policies, supply chain got resolved, and you got that macro economic uncertainty, you have a drawdown trying to bring inventory to a different level than it was during the situation of demand constraint.”

    Qualcomm forecast first-quarter earnings of $3 to $3.30 a share on revenue of $9.2 billion to $10 billion, while the Street estimated $3.43 a share on revenue of $12.02 billion.

    Read: Meta spending slams Facebook stock, but here are the chip stocks that are benefiting

    Chief Financial Officer Akash Palkhiwala told analysts there is about eight to 10 weeks of elevated in the channel. In the meantime, Qualcomm was instituting a hiring freeze, and looking into cost-saving measures, execs told analysts.

    While handset-chip sales surged 40% to a record $6.57 billion from a year ago, topping the Street’s expectation of $6.55 billion, the company’s forecast indicates a big glut in inventory in Qualcomm’s CDMA Technologies unit, the one that includes handset and RF chips as well as chips for autos and Internet of Things.

    Qualcomm expects QCT sales of $7.7 billion to $8.3 billion, and sales from Qualcomm’s technology licensing, or QTL, segment of $1.45 billion to $1.65 billion. Analysts had forecast forecast $10.42 billion in QCT sales and QTL revenue of $1.71 billion.

    Qualcomm reported fourth-quarter QCT revenue of $9.9 billion, a 28% gain from a year ago. Analysts had estimated $9.84 billion, based on the company’s forecast of $9.5 billion to $10.1 billion.

    Fourth-quarter auto-chip sales zoomed up 58% to a record $427 million, and Internet of Things, or IoT, sales rose 24% to a record $1.92 billion. The Street was expecting auto sales of $362.4 million, and IoT sales of $1.82 billion.

    Revenue from the QTL segment fell 8% to $1.44 billion compared with Wall Street estimates of $1.58 billion, based on a company forecast of $1.45 billion to $1.65 billion.

    Read about: Intel’s quarterly results, AMD’s quarterly results

    The company reported fiscal fourth-quarter net income of $2.87 billion, or $2.54 a share, compared with $2.8 billion, or $2.45 a share, in the year-ago period. The chip maker reported adjusted earnings, which exclude stock-based compensation expenses and other items, of $3.13 a share, compared with $2.55 a share in the year-ago period. Total revenue for the third quarter rose to $11.4 billion from $9.34 billion in the year-ago period.

    Analysts had estimated earnings of $3.13 a share on revenue of $11.32 billion, based on Qualcomm’s forecast of $3 to $3.30 a share on revenue of $11 billion to $11.8 billion.

    Year to date, Qualcomm shares are down 38%, compared with a 41% decline for the PHLX Semiconductor Index 
    SOX,
    -3.09%    ,
     a 21% decline by the S&P 500 index 
    SPX,
    -2.50%
     and a 33% drop by the tech-heavy Nasdaq Composite Index 
    COMP,
    -3.36%    .

    Shares of Advanced Micro Devices Inc.
    AMD,
    -1.73%
    outperformed the broader market Wednesday after the chip maker said it would clear excess inventory by the end of the year, and forecast that data-center and embedded product sales would continue to rise.

    [ad_2]

    Source link

  • Qualcomm stock drops more than 7% after poor outlook, months-long chip glut

    Qualcomm stock drops more than 7% after poor outlook, months-long chip glut

    [ad_1]

    Qualcomm Inc. shares fell in the extended session Wednesday following the chip maker’s poor outlook, and estimates of about two months or more of inventory it needs to clear in its core business.

    Qualcomm
    QCOM,
    -4.12%
    shares dropped 7.6% after hours, following a 4.1% decline to close at $112.50 in the regular session. In late July, the San Diego-based chip maker cut its forecast because of weakness in the smartphone market that had yet to creep into the premium handset market.

    On the call with analysts, Chief Executive Cristiano Amon said the accelerated weak demand was related to “macro economic headwinds and the prolonged COVID in China,” and “the rapid deterioration in demand and easing of supply constraints” across the chip industry.” would take out about 80 cents a share in first-quarter earnings.

    “It’s the major factor,” Amon told analysts on the call. “It’s mostly a handset consumer story.” Earnings for the first quarter, as a results, would take a hit of 80 cents a share, the company said.

    Another big factor is that companies are just spending less. Amon said “companies across the board had much higher inventory policies, supply chain got resolved, and you got that macro economic uncertainty, you have a drawdown trying to bring inventory to a different level than it was during the situation of demand constraint.”

    Qualcomm forecast first-quarter earnings of $3 to $3.30 a share on revenue of $9.2 billion to $10 billion, while the Street estimated $3.43 a share on revenue of $12.02 billion.

    Read: Meta spending slams Facebook stock, but here are the chip stocks that are benefiting

    Chief Financial Officer Akash Palkhiwala told analysts there is about eight to 10 weeks of elevated in the channel. In the meantime, Qualcomm was instituting a hiring freeze, and looking into cost-saving measures, execs told analysts.

    While handset-chip sales surged 40% to a record $6.57 billion from a year ago, topping the Street’s expectation of $6.55 billion, the company’s forecast indicates a big glut in inventory in Qualcomm’s CDMA Technologies unit, the one that includes handset and RF chips as well as chips for autos and Internet of Things.

    Qualcomm expects QCT sales of $7.7 billion to $8.3 billion, and sales from Qualcomm’s technology licensing, or QTL, segment of $1.45 billion to $1.65 billion. Analysts had forecast forecast $10.42 billion in QCT sales and QTL revenue of $1.71 billion.

    Qualcomm reported fourth-quarter QCT revenue of $9.9 billion, a 28% gain from a year ago. Analysts had estimated $9.84 billion, based on the company’s forecast of $9.5 billion to $10.1 billion.

    Fourth-quarter auto-chip sales zoomed up 58% to a record $427 million, and Internet of Things, or IoT, sales rose 24% to a record $1.92 billion. The Street was expecting auto sales of $362.4 million, and IoT sales of $1.82 billion.

    Revenue from the QTL segment fell 8% to $1.44 billion compared with Wall Street estimates of $1.58 billion, based on a company forecast of $1.45 billion to $1.65 billion.

    Read about: Intel’s quarterly results, AMD’s quarterly results

    The company reported fiscal fourth-quarter net income of $2.87 billion, or $2.54 a share, compared with $2.8 billion, or $2.45 a share, in the year-ago period. The chip maker reported adjusted earnings, which exclude stock-based compensation expenses and other items, of $3.13 a share, compared with $2.55 a share in the year-ago period. Total revenue for the third quarter rose to $11.4 billion from $9.34 billion in the year-ago period.

    Analysts had estimated earnings of $3.13 a share on revenue of $11.32 billion, based on Qualcomm’s forecast of $3 to $3.30 a share on revenue of $11 billion to $11.8 billion.

    Year to date, Qualcomm shares are down 38%, compared with a 41% decline for the PHLX Semiconductor Index 
    SOX,
    -3.09%    ,
     a 21% decline by the S&P 500 index 
    SPX,
    -2.50%
     and a 33% drop by the tech-heavy Nasdaq Composite Index 
    COMP,
    -3.36%    .

    Shares of Advanced Micro Devices Inc.
    AMD,
    -1.73%
    outperformed the broader market Wednesday after the chip maker said it would clear excess inventory by the end of the year, and forecast that data-center and embedded product sales would continue to rise.

    [ad_2]

    Source link