Why Is Qualcomm Stock Down Today?

InvestorPlace2022-04-02

Today, Apple and Qualcomm are both in the red, following an analyst update and a reversal of consumer discretionary trends. For QCOM stock specifically, a drop of 3.81% on Friday highlights just how ...

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Comments

Scoop
2022-04-04
Scoop
Tks
Steven Tay
2022-04-04
Steven Tay
Oh ok
Toby_Chua
2022-04-04
Toby_Chua
Rotational play
Ultimate Dystopia
2022-04-04
Ultimate Dystopia
Oh boy
seojun
2022-04-04
seojun
Oh my....
Derekone
2022-04-04
Derekone
Noted

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For QCOM stock specifically, a drop of 3.81% on Friday highlights just how bearish today’s price action has been for some top technology companies.Source: Xixi Fu / Shutterstock.comQualcomm and Apple have been joined at the hip for some time. That’s because Qualcomm is a major chip supplier for Apple’s phones. Accordingly, analysts tend to bucket the two together when looking at consumer spending trends within the smartphone space.Lately, a number of headwinds have arisen, which seem to have shaken the faith of analysts and investors in the consumer discretionary sector. There are high-profile supply chain issues that continue to put pressure on this sector. Inflationary concerns continue to compress margins. And the evolving relationship between these two companies is another factor investors have to consider.That said, there’s yet another headwind investors are pricing into both stocks today. Let’s dive into what investors are watching with Qualcomm.Why Is QCOM Stock Plunging Today?Today, JPMorgan’s Analyst Focus List, which has included the likes of Apple and Qualcomm for some time, has some big changes. Namely, the removal of these two tech juggernauts from the list has raised investor eyebrows.JPMorgan analysts cited early warning signs of a reversal of consumer trending trends. Thus, expectations that end markets could see material weakness, recession or not, has led these analysts to “moderate [their] near-term bullishness for shares of Apple and Qualcomm.”These adjusted expectations are certainly not a fringe view. Many investors view both Apple and Qualcomm as beneficiaries of the strong, consumer-driven economy we’ve seen over the past decade. The potential for the economy to turn over could materially affect both companies.For long-term investors in Qualcomm, perhaps the removal from a key analyst watch list isn’t a big deal. 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