NEW YORK (TheStreet) -- Shares of Qualcomm (QCOM) - Get Report are gaining 3.01% to $54.35 in early afternoon trading on Friday.
The San Diego-based semiconductor company designs and markets wireless telecommunications products and services.
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TheStreet'sChris Versace and Bob Lang of Trifecta Stocks have identified Qualcomm as the "Chart of the Day." Here is what Versace and Lang had to say about the stock:
Technology stocks have certainly been under some pressure of late, higher beta names taking the brunt of selling. The market is in distribution, support often falls like a hot knife through butter.
The semiconductor group has been hampered by this relentless selling, Intel (INTC) being the big dog -- this fell below good support this week.
Yet, Qualcomm has done something different: it held the gains from the ferocious February rally.
This is impressive; and while the stock has been range- bound since late February, the relative strength tells us this stock may be ready to move higher.
The moving average convergence divergence (MACD) has a budding buy signal here. A break out of the range could see this move to much higher ground, toward the $60 area.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and expanding profit margins.
However, the team also finds weaknesses including a generally disappointing performance in the stock itself and disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: QCOM
