Qualcomm (QCOM) closed the most recent trading day at $57.78, moving +1.37% from the previous trading session. This change outpaced the S&P 500's 0.01% gain on the day. At the same time, the Dow added 0.35%, and the tech-heavy Nasdaq gained 0.45%.

Coming into today, shares of the chipmaker had gained 3.83% in the past month. In that same time, the Computer and Technology sector lost 5.51%, while the S&P 500 lost 7.29%.

Investors will be hoping for strength from QCOM as it approaches its next earnings release, which is expected to be January 30, 2019. In that report, analysts expect QCOM to post earnings of $1.08 per share. This would mark year-over-year growth of 10.2%. Our most recent consensus estimate is calling for quarterly revenue of $4.89 billion, down 19.49% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.89 per share and revenue of $20.55 billion. These totals would mark changes of +5.42% and -9.58%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for QCOM. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. QCOM is holding a Zacks Rank of #1 (Strong Buy) right now.

Investors should also note QCOM's current valuation metrics, including its Forward P/E ratio of 14.64. This valuation marks a discount compared to its industry's average Forward P/E of 23.48.

We can also see that QCOM currently has a PEG ratio of 1.34. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. QCOM's industry had an average PEG ratio of 2.07 as of yesterday's close.

The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 17, which puts it in the top 7% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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