Why Qualcomm Is a Bargain Below $60

NEW YORK (TheStreet) -- Chip giant Qualcomm(QCOM) continues to affirm exactly why I think it has one of the best businesses not only among the semiconductors, but in the entire market. Even better, it operates in fast-growing industry.

This is why I continue to be amazed at how the company rarely (if ever) gets mentioned when listing some of the best brands and operations on the stock market. Not only is Qualcomm an industry leader, but when you consider that its brand now controls the internal component space of approximately 250 million smartphones and other devices, it becomes clear just how underappreciated the stock has become.

Appraising the company's earnings Wednesday, the market continued to focus on anything except what is really important -- Qualcomm's true value.

The Quarter That Was

Strong smartphone demand boosted sales and the company beat street revenue and adjusted profit expectations. Still, it was not enough to avoid a selloff of more than 3%. Investors appear disappointed at what was perceived to be less-than-stellar guidance -- despite having reported profits that more than doubled for the fiscal second-quarter.