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Qualcomm's Handset Chip Sales

Qualcomm's Handset Chip Sales

Plus, Bitcoin's post ETF nosedive.

Photo by Vishnu Mohanan on Unsplash

Today is Thursday, February 1, 2024.

The Early Bird Index today is 63.24.

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Qualcomm's Handset Chip Sales

Despite ticking down 0.18% in after-hours trading on Wednesday, Qualcomm (Nasdaq: QCOM) posted financial earnings that were better than expected.

Financials: Qualcomm reported earnings of $2.75 per share in the past quarter and revenue of $9.93 billion; both were better than expected.

Details: Handset chip sales, which made up the bulk of the company’s revenue, jumped 16% in the quarter. Meanwhile, revenue for IoT dropped 32%.

Final Thoughts: Qualcomm is only up about 7% in the past year. There are some concerns about Qualcomm’s partnerships to produce chips for large technology companies.

Notables

Notable Earnings Today: Amazon.com (Nasdaq: AMZN), Apple (Nasdaq: AAPL), Meta Platforms (Nasdaq: META), Altria (NYSE: MO), Royal Caribbean (NYSE: RCL), Peloton Interactive (Nasdaq: PTON), Merck (NYSE: MRK), U.S. Steel (NYSE: X), Sirius XM Holdings (Nasdaq: SIRI), Clorox (NYSE: CLX), Stanley Black & Decker (NYSE: SWK), Skechers USA (NYSE: SKX), Honeywell (Nasdaq: HON), 1-800-FLOWERS (Nasdaq: FLWS), Deckers Outdoor (NYSE: DECK), Sally Beauty (NYSE: SBH), Tractor Supply (Nasdaq: TSCO), Microchip Technology (Nasdaq: MCHP), DXC Technology (NYSE: DXC), Quest Diagnostics (NYSE: DGX), Sanofi (Nasdaq: SNY), Enterprise Products Parnters (NYSE: EPD), Cardinal Health (NYSE: CAH), Atlassian (Nasdaq: TEAM), Ball Corp (NYSE: BALL), Beazer Homes (NYSE: BZH), Becton Dickinson (NYSE: BDX), Brookfield Infrastructure (NYSE: BIP), Brunswick (NYSE: BC), Camden Property (NYSE: CPT), Columbia Sportswear (Nasdaq: COLM), Coursera (NYSE: COUR), Dolby Labs (NYSE: DLB), Dover (NYSE: DOV), Eastman Chemical (NYSE: EMN), Eaton (NYSE: ETN), Hartford Financial (NYSE: HIG), Hologic (Nasdaq: HOLX), Hub Group (Nasdaq: HUBG), Huntington Ingalls (NYSE: HII), Illinois Tool Works (NYSE: ITW), International Paper (NYSE: IP), Janus Henderson Group (NYSE: JHG), Kirby (NYSE: KEX), Lancaster Colony (Nasdaq: LANC), Lazard (NYSE: LAZ), MACOM Technology Solutions (Nasdaq: MTSI), Oaktree Specialty Lending (Nasdaq: OCSL), Orchid Island Capital (NYSE: ORC), Parker-Hannifin (NYSE: PH), Pitney Bowes (NYSE: PBI), SkyWest (Nasdaq: SKYW), Spire (NYSE: SR), Trane (NYSE: TT), Wabash National (NYSE: WNC), WestRock (NYSE: WRK).

Notable IPOs Today: N/A

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), Construction Spending (10:00 a.m. ET), Atlanta Fed GDPNow (12:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Bitcoin's Post ETF Nosedive

Photo by Kanchanara on Unsplash

The price of Bitcoin is down roughly 9% since the approval of spot Bitcoin ETFs (exchange-traded funds) in early January.

Final Thoughts: It’s not just Bitcoin that has been down since the launch of those spot ETFs. Most cryptocurrency prices have also gone down since then. It’s been a bad start to 2024 for crypto.