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Stock of telecom superstar Qualcomm is up 6.86% to $38 this afternoon (March 2) as the company at its annual meeting announced that both quarterly sales and earnings would be higher than earlier expected, according to Reuters. The stock is the biggest gainer on the Standard & Poor's 500. Second quarter pro forma earnings per share could top the range of its earlier forecast, hitting 49 to 53 cents. Revenue will be toward the top end of the range of $2.4 billion to $2.6 billion. Yesterday, the company said it would boost its dividend and buy back $3 billion of its shares.

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