Qualcomm shares gain for a third straight session on Thursday, company to generate $1 billion in sales outside core business

According to an announcement by Qualcomm Incorporated (QCOM) on Thursday, the company expects to generate over $1 billion in sales outside its main business during the current fiscal year. These areas include sales of semiconductor chips for smart watches, connected speakers as well as other devices.

The shares of Qualcomm Incorporated closed higher for a third consecutive trading session on NASDAQ on Thursday. The stock went up 0.65% ($0.42) to $64.77, after touching an intraday high at $64.97, or a price level not seen since March 5th ($65.60).

Shares of Qualcomm Incorporated have risen 1.17% so far in 2018 compared with a 5.75% gain for the underlying index, S&P 500 (SPX).

In 2017, Qualcomm’s stock retreated 1.81%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

Sales of “Internet of Things” (IoT) chips represent about 20% of the $5 billion in revenue, which the company expects to generate from segments outside the mobile phone market. The remainder of that estimated amount is expected to be generated from sales of networking chips, Qualcomm’s own automotive chips as well as several other segments.

According to Qualcomm, its chips are already present in over 200 types of wearable devices and in 1 300 different wireless speakers, wireless headsets and earbuds.

Meanwhile, Qualcomm projects a 120% growth in its revenue from chips for wireless, internet-connected cameras during the current fiscal year.

According to CNN Money, the 20 analysts, offering 12-month forecasts regarding Qualcomm Incorporated’s stock price, have a median target of $68.50, with a high estimate of $81.00 and a low estimate of $55.00. The median estimate represents a 5.76% upside compared to the closing price of $64.77 on August 2nd.

The same media also reported that 11 out of 24 surveyed investment analysts had rated Qualcomm Incorporated’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Qualcomm stock are presented as follows:

R1 – $64.89
R2 – $65.01
R3 (Range Resistance – Sell) – $65.13
R4 (Long Breakout) – $65.49
R5 (Breakout Target 1) – $65.90
R6 (Breakout Target 2) – $66.09

S1 – $64.65
S2 – $64.53
S3 (Range Support – Buy) – $64.41
S4 (Short Breakout) – $64.06
S5 (Breakout Target 1) – $63.64
S6 (Breakout Target 2) – $63.45

By using the traditional method of calculation, the weekly levels of importance for Qualcomm Incorporated (QCOM) are presented as follows:

Central Pivot Point – $61.40
R1 – $65.05
R2 – $67.40
R3 – $71.05
R4 – $74.69

S1 – $59.05
S2 – $55.40
S3 – $53.05
S4 – $50.69