Why Qualcomm Stock Is Soaring on Thursday

Already recovering from a steep sell-off suffered during the first calendar quarter of the year, an encouraging quarterly update sent Qualcomm (NASDAQ: QCOM) shares soaring today. Indeed, with Thursday's 15.1% gain, as of 2:03 p.m. ET Thursday, this stock is now up 45% from its early April low.While the news and numbers behind the rally are bullish, don't be surprised if profit-taking cools this rally off for a short while, allowing the buyers as well as the sellers to regroup. It remains to be seen whether or not this will be a buying opportunity.Qualcomm turned $10.6 billion worth of revenue into a per-share profit of $2.65 for the three months ending in March. While those numbers are down 2% and 7% year over year (respectively), each also topped analysts' consensus expectations for a top line of $10.56 billion and profits of $2.55 per share. As is usually the case, handsets accounted for the lion's share of the company's results.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool