Qualcomm Inc. (NASDAQ: QCOM) added more than 1% in Wednesday’s session, continuing its rebound from multi-year lows earlier this month. The stock has now rallied more than 20% in just three weeks, as optimism built heading into the company’s Q2 earnings report last night.
Thursday morning brought a fresh dose of reality. Despite topping analyst expectations on both revenue and earnings and issuing forward guidance that was solid by most measures, shares dropped more than 5% in the pre-market session. It’s a frustrating reaction for bulls and another sign that the turnaround story may not fully convince Wall Street.
