Qualcomm Attempts To Recover

QUALCOMM, Inc. QCOM shares are trading lower by $0.85 (1.6 percent) at $52.36 in Friday's session.

Before the open, the company reduced Q3 adjusted EPS guidance from $1.19 estimate to $0.75 to $0.85 range. The company cut the sales outlook from $5.94 billion estimate to the $4.8 billion to $5.6 billion range.

After a lower open, Qualcomm's stock breached its former low for the move at $51.40, but only to $51.05 before mounting a rebound. Its rebound off the lows has continued to make new highs, with the current one standing at $52.36.

In order to fill the void in price and reach the lower-end of Thursday's range, it would need to reach $52.91.