Qualcomm's Handset Chip Sales

Plus, Bitcoin's post ETF nosedive.

Today is Thursday, February 1, 2024.

The Early Bird Index today is 63.24.

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Qualcomm's Handset Chip Sales

Despite ticking down 0.18% in after-hours trading on Wednesday, Qualcomm (Nasdaq: QCOM) posted financial earnings that were better than expected.

Financials: Qualcomm reported earnings of $2.75 per share in the past quarter and revenue of $9.93 billion; both were better than expected.

Details: Handset chip sales, which made up the bulk of the company’s revenue, jumped 16% in the quarter. Meanwhile, revenue for IoT dropped 32%.

Final Thoughts: Qualcomm is only up about 7% in the past year. There are some concerns about Qualcomm’s partnerships to produce chips for large technology companies.


Notable Earnings Today: Amazon.com (Nasdaq: AMZN), Apple (Nasdaq: AAPL), Meta Platforms (Nasdaq: META), Altria (NYSE: MO), Royal Caribbean (NYSE: RCL), Peloton Interactive (Nasdaq: PTON), Merck (NYSE: MRK), U.S. Steel (NYSE: X), Sirius XM Holdings (Nasdaq: SIRI), Clorox (NYSE: CLX), Stanley Black & Decker (NYSE: SWK), Skechers USA (NYSE: SKX), Honeywell (Nasdaq: HON), 1-800-FLOWERS (Nasdaq: FLWS), Deckers Outdoor (NYSE: DECK), Sally Beauty (NYSE: SBH), Tractor Supply (Nasdaq: TSCO), Microchip Technology (Nasdaq: MCHP), DXC Technology (NYSE: DXC), Quest Diagnostics (NYSE: DGX), Sanofi (Nasdaq: SNY), Enterprise Products Parnters (NYSE: EPD), Cardinal Health (NYSE: CAH), Atlassian (Nasdaq: TEAM), Ball Corp (NYSE: BALL), Beazer Homes (NYSE: BZH), Becton Dickinson (NYSE: BDX), Brookfield Infrastructure (NYSE: BIP), Brunswick (NYSE: BC), Camden Property (NYSE: CPT), Columbia Sportswear (Nasdaq: COLM), Coursera (NYSE: COUR), Dolby Labs (NYSE: DLB), Dover (NYSE: DOV), Eastman Chemical (NYSE: EMN), Eaton (NYSE: ETN), Hartford Financial (NYSE: HIG), Hologic (Nasdaq: HOLX), Hub Group (Nasdaq: HUBG), Huntington Ingalls (NYSE: HII), Illinois Tool Works (NYSE: ITW), International Paper (NYSE: IP), Janus Henderson Group (NYSE: JHG), Kirby (NYSE: KEX), Lancaster Colony (Nasdaq: LANC), Lazard (NYSE: LAZ), MACOM Technology Solutions (Nasdaq: MTSI), Oaktree Specialty Lending (Nasdaq: OCSL), Orchid Island Capital (NYSE: ORC), Parker-Hannifin (NYSE: PH), Pitney Bowes (NYSE: PBI), SkyWest (Nasdaq: SKYW), Spire (NYSE: SR), Trane (NYSE: TT), Wabash National (NYSE: WNC), WestRock (NYSE: WRK).

Notable IPOs Today: N/A

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET), S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI (10:00 a.m. ET), Construction Spending (10:00 a.m. ET), Atlanta Fed GDPNow (12:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

Bitcoin's Post ETF Nosedive

The price of Bitcoin is down roughly 9% since the approval of spot Bitcoin ETFs (exchange-traded funds) in early January.

Final Thoughts: It’s not just Bitcoin that has been down since the launch of those spot ETFs. Most cryptocurrency prices have also gone down since then. It’s been a bad start to 2024 for crypto.

Most Anticipated IPOs 2024

After a lackluster IPO (initial public offering) market in 2023, several high-profile companies plan to go public in 2024.

Details: The list of potential 2024 IPOs includes Reddit, Plaid, Discord, Chime, Stripe, Panera Bread, and Shein.

Final Thoughts: Keep in that IPO investing is risky, with IPOs flopping below their initial trading price all of the time.

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