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They had a totally unexpected number, and the stock just flew into the stratosphere. Since November, it's basically tripled.

There are companies that are generating good earnings and seeing a turnaround. The market is definitely rewarding those companies. But if you have nothing to show other than a promise down the road, the market is giving no credit for that, with the exception of a few isolated names.

Qualcomm had a decent year. Usually when the market is moving forward, you can expect Qualcomm to outperform it. It just never caught wind.

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