Qualcomm (QCOM - Get Report) is progressing with its staggering $30 billion buyback. 

This was made possible in part by regulators throwing cold water on the chipmaker's earlier desires to acquire NXP Semiconductors (NXPI - Get Report) , which has plenty of exposure to the auto sector.

"Had [Qualcomm] been able to complete that deal, [they] would have been too levered to auto and we know anything levered to auto is the kiss of death," said TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer. 

Qualcomm is Real Money's stock of the day