Strength Seen in Qualcomm (QCOM): Can Its 6.2% Jump Turn into More Strength?

Qualcomm (QCOM) shares rallied 6.2% in the last trading session to close at $226.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 5.2% gain over the past four weeks.The uptrend was largely buoyed by the launch of the Snapdragon C Platform, a new processor for affordable laptops that combines reliable performance, artificial intelligence (AI) capabilities and extended battery life, to help Qualcomm expand its presence in the growing entry-level PC market. A key strength of the Snapdragon C Platform is its power-efficient design, which enables all-day battery life in cool and quiet laptops. It also includes an integrated Neural Processing Unit, bringing advanced computing features to entry-level devices and expanding access to AI technologies.The processor is developed to handle everyday tasks, such as web browsing, video streaming, productivity applications and video calls. By powering entry-level laptops priced from $300 and above, Qualcomm aims to address the growing demand for cost-effective devices that deliver dependable computing experiences and portability.This chipmaker is expected to post quarterly earnings of $2.26 per share in its upcoming report, which represents a year-over-year change of -18.4%. Revenues are expected to be $9.7 billion, down 6.5% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Qualcomm, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QCOM going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Qualcomm is a member of the Zacks Electronics - Semiconductors industry. One other stock in the same industry, Rohm Co. (ROHCY), finished the last trading session 1.7% higher at $32.55. ROHCY has returned 19.6% over the past month.For Rohm Co., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.14. This represents a change of +180% from what the company reported a year ago. Rohm Co. currently has a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks