QCOM is taking a bit of a hit today. Maybe due to the aftermath of Apple's report. If this weakness is from AAPL, then the market is being inefficient, as the opposite is true.
Apple eased up on iPhone 4 production, it ramped up 4S production to be ready for the very high demand. So, QCOM will see good impact from the iPhone 4S build prior to official launch (as their chips are in every single 4S).
As I indicated previously with QCOM, I would have been chipping away at my position on the way up. (A detailed description was provided.) The position I would have chipped away near 53-54, I would be re-entering near 52.