Chip maker Qualcomm  (QCOM) shares were up more than 2% after-hours Wednesday after the company reported earnings of $1.34 per share on revenue of $5.99 billion. Analysts on average were expecting the company to report earnings of $1.19 per share on revenue of $5.89 billion. 

Qualcomm is in the midst of two different lawsuits over high patent fees, including a $1 billion claim against it by Apple  (AAPL) , which the company supplies. Qualcomm has responded to Apple by filing a counter suit against the company for breaching its agreements. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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