5 Manufacturing Stocks at Risk as Consumer Spending, Orders Decline

2. QUALCOMM, Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 71

On July 27, QUALCOMM Incorporated (NASDAQ:QCOM) slashed its guidance for the fiscal fourth quarter of 2022. The company expects adjusted earnings for fiscal Q4 of 2022 to range between $3 and $3.30 per share, and revenue to range between $11 billion and $11.8 billion. Wall Street was expecting the chipmaking giant’s earnings for the fiscal fourth quarter of 2022 to come in at $3.26 per share with a revenue of $11.92 billion. Smartphones are a major revenue driver for QUALCOMM Incorporated (NASDAQ:QCOM), and the company noted that inflation is eating away at the purchasing power of consumers. The company expects global smartphone shipments to decline by 5% in 2022.

On July 29, DZ Bank analyst Ingo Wermann downgraded QUALCOMM Incorporated (NASDAQ:QCOM) to Hold from Buy with a $150 price target. As of August 19, QUALCOMM Incorporated (NASDAQ:QCOM) has sunk by 20.73% year to date.

At the end of Q2 2022, 71 hedge funds held stakes in QUALCOMM Incorporated (NASDAQ:QCOM) worth $2.80 billion. This is compared to 73 positions in the preceding quarter with stakes worth $3.55 billion. The hedge fund sentiment for the stock is negative.

As of June 30, Alkeon Capital Management owns roughly 4.23 million shares of QUALCOMM Incorporated (NASDAQ:QCOM) and is the top shareholder in the company. The fund’s stakes are valued at $541.15 million.