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Qualcomm reports its quarterly earnings on Wednesday, at 23:45 MT time, with the expected EPS of $1.87.
What are we in for?
As one of the primary Apple suppliers, Qualcomm doesn’t only produce wireless chips but operates in cloud gaming and wireless car networking. It has been facing certain headwinds during recent years related to its own financial performance as much as the industry-wide problems. Nevertheless, the business outlook remains strong for this company as it already showed the capacity to make a strong comeback from the virus hit. Among its first competitors such as AMD and Nvidia (which you can also trade with FBS Trader), it looks very solid and competitive. With the SMR Rating as A (which is second-best after A+), Qualcomm’s EPS has 76 out of 99 possible points in EPS Rating. Therefore, currently, this stock appears to be a very option in the mid-term and long-term.
Until 2020, Qualcomm’s stock has been fluctuating around $70. That reflects the fact that it wasn’t making consistent returns back then. However, since early 2019, its trajectory transformed into a steady uptrend. That uptrend was crushed by the virus in March 2020 forcing it from nearly $100 down to $60. Since then – meaning, roughly during a year – the stock made a stunning comeback and leaped to the current $160. From the ashes, it made a 200% rise.
Scenario 1, beating the expectations: if that’s the case, this stock will likely cross the local resistance of $168 and move to $173
Scenario 2, underperforming: if the market is not impressed, the stock may go for a local drop down to $155 or slightly below, but then it will quickly recover and continue the uptrend.
Don't know how to trade stocks? Here are some simple steps.
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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