Fast Money Traders Debate On QUALCOMM, Inc.

Jon Najarian and Mike Murphy spoke on

about

and its future stock price after it traded sharply lower on an earnings miss. Najarian thinks that all the bad news are priced in, including issues the company is facing in China. He added that the U.S. Court of Appeals confirmed some issues in the patent dispute with

, which is good for

. Najarian said that the stock was trading at 25 times earnings in 2012 and now it is even cheaper than that and it has $30 billion in cash. He believes that the 11 percent decline, to $68, was appropriate reaction, but he wants to buy it and he sees it above $70 by January. Mike Murphy emphasized that

was a good company, but for those who want to be in the chips sector there are better options out there. He is concerned with the stock because no one can tell what is going to happen with licensing problems and government investigation for monopolistic actions in China. Murphy would avoid this stock.