In the latest trading session, Qualcomm (QCOM) closed at $138.40, marking a +0.12% move from the previous day. This change outpaced the S&P 500's 0.16% loss on the day.Prior to today's trading, shares of the chipmaker had lost 2.77% over the past month. This has lagged the Computer and Technology sector's gain of 2.75% and the S&P 500's gain of 0.46% in that time.QCOM will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $2.26, up 55.86% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $8.88 billion, up 6.39% from the year-ago period.QCOM's full-year Zacks Consensus Estimates are calling for earnings of $8.25 per share and revenue of $33.03 billion. These results would represent year-over-year changes of +96.9% and +40.37%, respectively.Investors might also notice recent changes to analyst estimates for QCOM. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.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. Over the past month, the Zacks Consensus EPS estimate has moved 0.06% higher. QCOM is currently sporting a Zacks Rank of #2 (Buy).Valuation is also important, so investors should note that QCOM has a Forward P/E ratio of 16.76 right now. This represents a discount compared to its industry's average Forward P/E of 21.96.We can also see that QCOM currently has a PEG ratio of 0.86. 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. Wireless Equipment stocks are, on average, holding a PEG ratio of 3.25 based on yesterday's closing prices.The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 58, putting it in the top 23% 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. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report To read this article on Zacks.com click here.