SAN FRANCISCO ( TheStreet) – Qualcomm (QCOM) - Get Report fell sharply Thursday, after the San Diego-based semiconductor company missed fourth quarter estimates. Orbitz Worldwide (OWW) also dropped, while Planar Systems (PLNR) soared following the companies' earnings reports.

Qualcomm, which reported after the markets closed Wednesday, posted earnings of $1.26 a share in the fourth quarter -- 4% less than what Wall Street had anticipated. The company's revenue reached $6.69 billion in the quarter, a miss from the $7.04 billion analysts expected. Shares tanked 8.6% to close at $70.57.

Qualcomm took a hit after it reported fourth quarter earnings and revenue that fell short of analysts' expectations, and noted that European and U.S. antitrust investigators are now looking into its business. The chip giant also acknowledged it still faces legal antitrust entanglements in China, which could possibly hurt its business opportunities in that country.

Bank of America Merrill Lynch analyst Tal Liani had this to say in his research report:

"This week we met with carriers, equipment vendors and regulators in Beijing, discussing the Chinese 4G market, demand for smartphones, and the sensitive issue of royalty disputes with Qualcomm. In short, the Chinese cellular market is booming, licenses are awarded, carriers are committed to 4G deployments, and 2014/2015 are expected to be the golden years for base station deployments and customer migration. However, we note that China's regulator and the local vendors are also reluctant to pay Qualcomm its standard royalty fee and see it as an inhibitor to growth. All participants commented on the anti-monopoly investigation, leading us to believe that royalty discounts are not a question of if, but only a question of when and how much. We reiterate our Neutral rating."

Investors looking to dive deeper into Qualcomm's quarterly results can check out a copy of its earnings call transcripts.

Orbitz Worldwide fell 9.2% to close at $7.70.

The Chicago-based online travel site missed the mark with its third quarter results and issued a lower fourth quarter forecast, when it reported its earnings before the markets opened Thursday.

Orbitz reported net income of 8 cents per diluted share on revenue of $253.1 million for the third quarter. Wall Street, however, was expecting earnings of 14 cents a share on revenue of $252.9 million.

Investors were likely upset by the double whammy earnings announcement, in which the online travel company lowered its fourth quarter revenue forecast to 10 percent growth from its previous 11 percent projection.

Zynga (ZNGA) - Get Report soared 7.7% to $2.53 in after-hours trading, following stronger than expected third quarter results.

The San Francisco-based social media games publisher posted a net loss of 6 cents per diluted share on revenue of $176.6 million. Analysts surveyed by Thomson Reuters had been expecting a net loss of 1 cent a share on revenue of $167.7 million.

"I am encouraged by the results of the quarter as we navigate through this time of transition. In Q3, we reported bookings at the high end of our guidance range and Adjusted EBITDA near the midpoint of our guidance range. Our teams have been working hard over the last year to reshape our business and we are seeing that work show up in two important areas - our franchise bookings and mobile bookings growth," said Don Mattrick, Zynga CEO, in a statement.

He specifically pointed to the company's core franchises Casino, Words With Friends and FarmVille, which overall grew 30% in the last quarter over the same time a year ago in regard to its bookings. The company also posted an 111% increase in its mobile bookings annually.

Mattrick further added: "We have been operating with purpose and it has taken us some time to transform our business as we faced some execution challenges in the quarter. 2014 has been an investment year for us as we assembled a new leadership team, reorganized the company and reset our product pipeline. As we move forward and aggressively compete in an exciting market, we continue to believe that we are well positioned to take advantage of our global scale and diversified product portfolio, and we remain committed to working together as a team to deliver long term value for our consumers, employees and shareholders."

At the time of publication, the author held no positions in any of the stocks mentioned, although positions may change at any time.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

TheStreet Ratings team rates ZYNGA INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate ZYNGA INC (ZNGA) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself."

You can view the full analysis from the report here: ZNGA Ratings Report