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Qualcomm (QCOM) shares are under immense pressure ahead of the firm's Q2 earnings scheduled for release after the market close on Wednesday, July 29. Consensus is for the semiconductor giant to record $9.67 billion in revenue on $1.54 in earnings per share (EPS), representing a 32.75% year-over-year decline. 

Heading into the quarterly print, Qualcomm stock is down about 35% versus its June high. 

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Despite recent underperformance, options pricing signals a near-term pullback in QCOM shares. 

According to Barchart, the put-to-call ratio for contracts expiring July 31 is set at 0.62x currently, and the upper price on those contracts indicates potential for a 7.62% rally through the end of this week to about $175. 

That said, technical momentum is not in Qualcomm's favor. The stock tanked through its 200-day moving average (MA) today, with an RSI in the mid-30s signaling further downside room before it slips into oversold territory.

This technical weakness is reflected in Barchart's "8% SELL" opinion on the semiconductor firm.

With key support levels giving way, any spots of weakness in QCOM's release could trigger deeper losses in the weeks ahead. 

The expected weakness in QCOM's upcoming earnings report may be related to its core smartphone business, compounded by tougher year-on-year comparisons and broader customer concentration risks.  

Beyond chart patterns, Qualcomm shares are going for roughly 21x forward earnings heading into the quarterly print, which appears stretched for a company expected to record a nearly 33% decline in earnings. 

Note that Qualcomm also currently pays a healthy dividend yield of 2.26%. 

Adding to concerns is a lack of conviction from leadership: insiders haven't recorded even a single buy transaction in 2026, which suggests executives view QCOM as fully priced amid a sluggish smartphone market. 

On the flip side, Wall Street remains largely bullish on Qualcomm heading into the earnings report.

According to Barchart, the consensus rating on QCOM stock sits at "Moderate Buy," with the mean price target of about $221 indicating potential upside of nearly 30% from here. 

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com