The only document on Qualcomm this week is a preview of a report that has not happened yet. Wednesday, in the same calendar slot as the ADP print and the Treasury refunding, $QCOM is scheduled to report a quarter the preview expects to show a 28% year-over-year earnings decline, with a negative surprise reading and a rank that says do not count on a beat. The scan already has the stock at -10.85%, a $196.7 billion company marked down ahead of the test, and nothing in the file explains the markdown except the expectation itself.
Qualcomm's own gap history is short. Ten prior sessions where it opened 5% or more below the previous close; seven of them closed above that open, three below, median open-to-close +1.97%. Ten is a sample you can count on your fingers, this week's scan move is not an opening gap, and no earnings filter is attached, so the file does not describe Friday and does not describe Wednesday. What it describes is ten mornings on one name that more often finished above where they opened than below.
The 28% decline is the number on the preview. The number on the report arrives Wednesday, in the middle of a midterm week, and the ten-session file does not get a vote.