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Qualcomm's earnings report after the bell on Thursday probably won't do much to garner investor excitement. The company cited increasing competition and reluctance by consumers to buy new cell phones as one reason for the glum report.
Qualcomm also issued weaker-than-expected 2009 guidance. Qualcomm forecast full-year revenue of $10.5 billion to $11.3 billion, below Wall Street expectations for revenue of $11.61 billion. The company expects to earn $2.10 to $2.30 per share in 2010, below the $2.32 expected by analysts.
Stocks that are intimately correlated to Qualcomm on a percentage basis include Cisco Systems (Nasdaq: CSCO), which will be in play tomorrow due to its own earnings report, Intel (Nasdaq: INTC) and Oracle (Nasdaq: ORCL).
ETFs to watch include the PowerShares ETF (Nasdaq: QQQQ) and the PowerShares QQQ (NYSE: QLD).