Why Finish Line, Xerox, QUALCOMM, and Two More Stocks Are Trending Today

QUALCOMM Tries to Strengthen Its China Operations

QUALCOMM, Inc. (NASDAQ:QCOM) is trending on the news that the company has filed a patent lawsuit against Chinese electronics manufacturer Meizu Technology. Meizu has refused paying Qualcomm licensing fees for the mobile chip giant’s patents and has also not made an honest effort to resolve the issue. If Qualcomm wins the case, which is the first of a kind for the chip-maker in China, the company could potentially enforce its IP better and make more money from the country. 59 top funds were long QUALCOMM, Inc. (NASDAQ:QCOM) at the end of the first quarter.

PPL Corp Drops Despite Brexit Clarification

Utility conglomerate PPL Corp (NYSE:PPL) is 3% lower despite the company releasing a press release stating that, ‘the results of the June 23 referendum on Britain exiting the European Union are not expected to significantly impact its operations in the United Kingdom’. PPL owns four utilities serving around 8.0 million customers in the United Kingdom. The company reaffirmed 2016 reported earnings forecast of $2.29 to $2.49 per share and earnings from ongoing operations forecast of $2.25 to $2.45 per share. Traders could be selling because the long term depreciation of the British pound could cause the company’s earnings growth rate to slow somewhat. Among the funds we track, 28 funds owned shares of PPL Corp (NYSE:PPL) at the end of the first quarter, up by nine funds from the previous quarter.

Sonic Reports Mixed Earnings

Sonic Corporation (NASDAQ:SONC) shares are 7% in the red after the fast food chain reported fiscal third-quarter earnings of $0.43 per share on revenue of $165.24 million, beating the bottom-line estimates by $0.01 per share, but missing the top-line by $0.92 million. Same store sales inched up 2% year-over-year while the company repurchased 1.2 million outstanding shares in the quarter. Management is reaffirming the previous guidance of adjusted earnings per share growth for fiscal year 2016 of 20% to 25%. The company also expects 2% to 4% same-store sales growth, and 50 to 60 new franchise drive-in openings for the year. A total of 16 funds tracked by us were long Sonic Corporation (NASDAQ:SONC) at the end of March, down by seven funds from the previous quarter.

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