PTs on Qualcomm (QCOM +3.1%) move higher following its FQ1 beat and guidance hike, as booming...

|About: Qualcomm Inc. (QCOM)|By:, SA News Editor

PTs on Qualcomm (QCOM +3.1%) move higher following its FQ1 beat and guidance hike, as booming smartphone sales translate into soaring chip shipments and royalties. Wells Fargo sees the migration from 2G to 3G networks, which still has a ways to go, continuing to increase Qualcomm's addressable market. During its earnings call, Qualcomm noted shipments of its high-end Snapdragon processors rose 120% Y/Y.