QCOM Stock News and Chart: QUALCOMM Inc rides higher ahead of its earnings call

NASDAQ:QCOM gains 1.19% on Tuesday as tech stocks take the broader markets positive.
Qualcomm prepares for its quarterly earnings call on November 4th after the closing bell.
Qualcomm is riding the wave of 5G phones and devices that are coming to the market.

Stocks Reporter FXStreet

The global markets have rallied this week as the world awaits the outcome of the United States federal election that is taking place on Tuesday. Tech stocks like Qualcomm (NASDAQ:QCOM) have led the way as the San Diego based chip maker gained another 1.19% on Tuesday to close the trading day at $125.45. Despite the recent fluctuations in Qualcomm’s stock price, shares are still up over 40% since the start of the calendar year, and have gained nearly 120% since the markets crashed in late March.

On Wednesday, Qualcomm is set to announce its quarterly earnings with anticipation that year-over-year revenue will spike dramatically on the highly anticipated release of the next generation of 5G smartphones. Most notably, Qualcomm’s Snapdragon X55 chips are featured in the new IPhone 12 line from Apple (NASDAQ:AAPL). There is an expectancy around the industry that many people have been holding out until the 5G phones hit the market, so this holiday season could see high demand for the new smartphones.

QCOM stock price

But it is not just the smartphone chips that have kept Qualcomm busy this year. QCOM released chips for smart watches as well, as the company tries to capitalize on the wearables market. The Snapdragon Wear 4100 is Qualcomm’s attempt to bring faster CPU and GPU to smart watches as we shift towards a world where all of our devices communicate with one another. All of this leads to Wall Street analysts expecting another quarter where Qualcomm beats revenue expectations and rides the tailwinds of its partnership with Apple into 2021.

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FXStreet

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