One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Qualcomm stock now clears that threshold, with a jump from 80 to 83 Wednesday.
IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
Decades of market research reveals that the top-performing stocks tend to have an RS Rating north of 80 as they begin their biggest climbs.
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Is Qualcomm Stock A Buy?
Qualcomm stock recently reclaimed its 200-day moving average. While the chip stock is not near a proper entry right now, see if it goes on to form and break out from a proper base.
The fabless chipmaker saw both earnings and sales growth rise last quarter. Earnings-per-share increased from 12% to 28%. Revenue rose from 1% to 11%.
Qualcomm stock earns the No. 7 rank among its peers in the Electronics-Semiconductor Fabless industry group. Cirrus Logic, NVIDIA and Broadcom are among the top 5 highly rated stocks within the group.
