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NEW YORK (TheStreet) -- Despite beating on top- and bottom-line estimates, shares of Qualcomm (QCOM - Get Report) are lower by almost 10% on Thursday. 

The company even reported in-line guidance for next quarter, but its full-year earnings per share guidance is what caught investors off-guard. On CNBC's "Mad Dash" segment, TheStreet's Jim Cramer also expressed concern about Qualcomm's loss of Samsung (SSNLF) as a customer. 

Cramer, the co-manager of the Action Alerts PLUS portfolio, said he can't figure out a "normalized model" without Samsung being one of Qualcomm's clients. Neither can investors, meaning they can't pinpoint an earnings multiple for the stock. 

Without having any conviction on the valuation, shares of Qualcomm are likely to drift lower, he reasoned. Analysts have been quick to downgrade the stock and cut price targets. 

At least the company has made some progress in China, has plenty of cash and is well-managed, he acknowledged. 

QCOM Chart
Harman International HAR and Qualcomm QCOM data by YCharts

While Qualcomm is having a rough day, Harman International (HAR) is not. Shares are up 20% following an "amazing" earnings report, Cramer said. 

He was looking for earnings of $1.29 per share. The company reported EPS of $1.79 on $1.58 billion in revenue, the latter of which is up 18.8% year over year.

Harman CEO Dinesh Paliwal is a "fantastic executive," he said, adding that the company will continue to do well due to its exposure to the connective automobile industry. 

Harman International is no longer just an audio company for cars. It's driving forward with the latest and greatest technology. Because of this trend, shares are not done going higher from here, despite Thursday's big jump, Cramer concluded. 

-- Written by Bret Kenwell

Follow @BretKenwell

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.