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Qualcomm's stock rises toward longest winning streak since 2019

Qualcomm Inc. shares (QCOM) are rising 0.6% in Tuesday morning trading and on track to extend their winning streak into a ninth consecutive session. That would mark the stock's longest streak of gains since March 21, 2019, when it also rose for nine sessions in a row, according to Dow Jones Market Data. The stock is up 15.2% over the current nine-session streak, and it's ahead 11 out of the past 12 trading days. The chip company reported earnings last week that brought upbeat news on the handset market, which has been a source of pressure for Qualcomm lately. "Commentary indicated that the inventory that was built up in handsets for the better portion of 18 months is now largely cleared," Piper Sandler analyst Harsh Kumar wrote over the weekend in response to earnings from Qualcomm and Apple.

-Emily Bary

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11-07-23 1140ET

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