QCOM Trade on Aug 1, 2019 09:44 from Cklamb: Tradervue User Stock Trades.

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QCOM
Intraday Fundamentals
05:34 AM EDT, 08/01/2019 (MT Newswires) -- Qualcomm (QCOM) unveiled revenue guidance which fell short of analysts' estimates after markets shut on Wednesday as the telecommunications major posted mixed results for its fiscal third quarter with adjusted earnings surpassing Street estimates while adjusted revenue missed forecasts.
The San Diego, Calif.-based company, which manufactures semiconductors and provides telecommunications equipment, reported revenue of $9.64 billion in the three months ended June 30, up 73% from the corresponding quarter of the prior year.
Adjusted revenue -- which excluded the Qualcomm Strategic Initiatives segment, certain share-based compensation, acquisitions, and some tax items -- fell to $4.89 billion from $5.61 billion.
Adjusted earnings per share came in at $0.80, down from $1.00 a year earlier but ahead of the Street's consensus estimate of $0.77 per share.
"We delivered another solid quarter operationally in the midst of slower demand for 4G devices as the market prepares for the global transition to 5G," Steve Mollenkopf, chief executive of Qualcomm, said. "Our 5G design wins have doubled over the last three months, leaving us extremely well-positioned as 5G ramps in early calendar year 2020."
For the fourth quarter, the company is targeting revenue of $4.3 billion to $5.1 billion and adjusted earnings per share of $0.65 to $0.75. Analysts polled by Capital IQ were expecting $5.16 billion in revenue and $0.71 in adjusted earnings per share for the fourth quarter.
The guidance excludes Qualcomm Technology Licensing revenues for royalties due on sales of products by Huawei.
• Lowered 4th quarter guidance
• Missed eps expectations

Technicals
ADV 15.4 RVOL .89 BETA 1.63 ATR 1.8 Short 2.26% Inst Own. 78.60

Trading Plan

Look for longs
67.30 or 67.75 target 69 on these trades
S2 is currently looking like 67.30. Loof for a flush to near that level in the opening minutes. You will have to allow for a little more risk and will need to size down a bit to give those some room to work today.
A break and a hold above 69, consider the long with about a 50c stop and target 72
Reading the Tape
ON the second trade the tape was definitely losing buyer as it tried to get back to its high.
Trade Management

Trade Review
• I was looking for a long out of the gate at 69 with a target of 72 as the strongest resistance that I saw
• Being in another trade and this moving to the 72 level of resistance, I flipped my short term bias to open
• I fooled myself on the tape of the first entry and got stopped the next candle
• I watch as it tried to reach 72 and saw the tape and price action weaken and took the trade on that perceived weakness with 71.90 the stop above the proceeding candle
• I started to work down my stop with the moving average as this hit a full point
• I struggled to flatten do to some orders being out
• Finally filled at 71.03
• Working the MA down would have left me with about the same result

image


Execution detail:

Date/time Symbol Side Price Position
2019-08-01 09:44:32 QCOM sell $71.250 short
2019-08-01 09:45:42 QCOM buy $71.550 0
2019-08-01 09:48:21 QCOM sell $71.770 short
2019-08-01 09:53:45 QCOM buy $71.030 0


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