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Investors are shooting down stock of telecom superstar Qualcomm in after-hours trading (1.29 p.m.) The stock is down 6.76%% to $39.75. During regular trading, it had been down 1.52% to $42.63. After the close, Qualcomm reported second quarter earnings of 46 cents a share, up from a loss of 18 cents a share in the same quarter a year ago. Revenues rose to $2.7 billion from $2.45 billion a year ago. However, Wall Street had expected earnings per share of 57 cents. The selloff reflects that disappointment.

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