Qualcomm (QCOM) closed the most recent trading day at $149.73, moving +0.92% from the previous trading session. This move outpaced the S&P 500's daily gain of 0.18%. Elsewhere, the Dow lost 0.15%, while the tech-heavy Nasdaq added 0.5%.Coming into today, shares of the chipmaker had lost 0.26% in the past month. In that same time, the Computer and Technology sector gained 5.57%, while the S&P 500 gained 3.22%.Investors will be hoping for strength from QCOM as it approaches its next earnings release. In that report, analysts expect QCOM to post earnings of $2.10 per share. This would mark year-over-year growth of 112.12%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.29 billion, up 63.29% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $7.08 per share and revenue of $30.33 billion. These totals would mark changes of +68.97% and +28.88%, respectively, from last year.Any recent changes to analyst estimates for QCOM should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. QCOM is holding a Zacks Rank of #3 (Hold) right now.Valuation is also important, so investors should note that QCOM has a Forward P/E ratio of 20.95 right now. For comparison, its industry has an average Forward P/E of 21.32, which means QCOM is trading at a discount to the group.Meanwhile, QCOM's PEG ratio is currently 1.07. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. QCOM's industry had an average PEG ratio of 2.46 as of yesterday's close.The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 85, putting it in the top 34% of all 250+ industries.The Zacks Industry Rank gauges the strength of our 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.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.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.