Garrett Harris 8 p.m., May 23
Qualcomm Expectations Disappoint, but Stock Rises After Hours
Stock of telecom superstar Qualcomm is up 2.16%% to $57.26 in after hours trading today (July 18) despite the company's announcement of disappointing forecasts. Qualcomm said that fourth quarter earnings per share would be 62 cents to 68 cents; Wall Street had expected 76 cents. Qualcomm said sales would be $4.45 billion to $4.85 billion. The Street had expected $4.89 billion. The stock initially dropped after hours, but then turned upward.
Overall, the stock market has had two very good days, because Federal Reserve Chairman Ben Bernanke predicted an even more anemic economy ahead, and Wall Street speculators therefore expect more liquidity, such as a massive bond-buying program by the central bank, that will inject liquidity into the economy. Bad economic news continues to be good stock market news.
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