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Fast Money

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, 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, 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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