Pete Najarian Sees More Upside for Qualcomm

Qualcomm shares jumped Wednesday on strong quarterly earnings — and trader Pete Najarian thought the stock had more upside ahead.

“Smartphone demand was up, they said. Shocking!” he added on “Fast Money.”

Qualcomm Earnings, a Beat & a Raise
Qualcomm Earnings, a Beat & a Raise   

Qualcomm, which designs and manufactures microchips used in smartphones and wireless devices, posted net income of $1.395 billion for the fiscal first quarter, up from $1.17 billion a year ago. Earnings per share were up at 97 cents versus 82 cents a year ago.

Najarian, cofounder of OptionMonster.com, noted that the company announced plans to raise $700 million to the bottom line and issued guidance well above consensus.

“Across the board, just a strong beat by Qualcomm,” he said. “I still like the stock. I think it does hit toward that $70 level that Piper’s got for a target.”

Qualcomm shares closed up 1.26 percent at $59.56 and gained in after-hours trading.



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Trader disclosure: On Feb 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Adami owns C; Adami owns GS; Adami owns MSFT; Adami owns AGU; Adami owns NUE; Adami owns INTC; Adami owns BTU; P. Najarian is long AAPL; P. Najarian is long BAC; P. Najarian is long C; P. Najarian is long JPM; P. Najarian is long WFC; P. Najarian is long MS; P. Najarian is long MSFT; P. Najarian is long QCOM calls; Murphy is long MTW; Murphy is long POT; Murphy is short WHR

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