JD.com pops while Qualcomm lags as volume tracks search trends

New York, July 13, 2026, 18:09 (EDT)

Qualcomm NASDAQ:QCOM dropped 2.7% Monday, even after TD Cowen bumped its price target to $225 from $200. JD.com NASDAQ:JD added 2.4% while Macquarie lowered its target to $37 from $40. The new targets suggest possible upside of 22.3% for Qualcomm, 28.1% for JD, versus their latest closes. Macquarie kept an Outperform on JD, projecting Q2 revenue to slip 4% and adjusted operating profit—before specified items—at RMB5.8 billion.

Qualcomm and JD.com both caught some new coverage. Yahoo Finance ran a Zacks piece that said Qualcomm had been getting a lot of search interest and noted its stock was down 10.7% in the past month. JD got flagged by Kalkine for rising market attention and said analyst sentiment looked constructive. Search numbers track curiosity, but trading volume shows whether money is actually moving.

Monday brought a new test for the group. JD moved higher on volume near its average and beat Alibaba Group Holding Ltd NYSE:BABA, which ended barely changed, up just 0.02%. Qualcomm slipped, but with only 62% of its usual volume. That drop was less than what Nvidia Corp NASDAQ:NVDA and Broadcom Inc NASDAQ:AVGO saw; those stocks were off 3.5% and 4.0%. A Quiver report from July 8 had pointed to JD’s previous 4.4% rally as tied to a general comeback in Chinese tech. On Monday, JD’s move looked more about the stock itself.

Price/earnings is share price over earnings from the last 12 months. Average volume uses Google Finance numbers; volume ratio and the percent off highs are based on the data shown.

JD is trading with heavier volume, with shares moving at 1.02 times the average. Qualcomm’s ratio was 0.62 times. The two stocks have similar trailing earnings multiples, but that’s less telling here, since their demand cycles, geographic mix and profit outlooks differ.

Qualcomm has been leaning on heavy buybacks and a growth plan that stretches to fiscal 2029. The company said its fiscal Q2 revenue was $10.6 billion, off 3%. Automotive and IoT segments climbed 20%. CEO Cristiano Amon called it “solid execution” despite what he called a “challenging memory environment.” Qualcomm bought back $5.4 billion of stock in the first half and rolled out a fresh $20 billion repurchase authorization. At its investor day in June, the company put out targets for more than $15 billion of data-center AI sales and $40 billion in non-handset revenue for fiscal 2029.

JD posted a 4.9% revenue gain in the first quarter, up to RMB315.7 billion. JD Retail’s operating margin came in at 5.6%, better than 4.9% last year. CEO Sandy Xu called retail profitability “record levels.” Still, the group’s operating margin slipped to 1.2% from 3.5% thanks to heavier spending on new businesses. Free cash flow was negative RMB6.5 billion. JD bought back $631 million worth, or 1.6% of shares. There’s $1.4 billion left on its repurchase program. JD.Com, Inc.

Reporting periods aren’t the same. Capacity figures are based on Monday’s prices. A buyback authorization lets companies repurchase shares but doesn’t force them to.

Qualcomm shares got pulled down as chip stocks sold off again. The Philadelphia Semiconductor Index is down over 11% from its June high, after jumping 83% earlier this year. Semiconductor funds posted around $11 billion in outflows for the week ended June 24. Qualcomm was one of the chip names with some of the biggest jumps in short interest—basically more bets against the stock. “We’ve never seen this kind of extreme earnings growth. But the question then becomes, how long can we expect this to continue,” said Steve Sosnick, chief market analyst at Interactive Brokers. ORTEX’s Peter Hillerberg said the pickup in short interest shows more caution and hedging, not the sort of crowding that leads to short covering. Reuters

But the price could turn fast. Qualcomm still has its fiscal-2029 data-center target on the table and the share buyback authorization might end up untouched. Any slowdown in AI infrastructure or customer delays would hurt the diversification story. JD could lose ground if the revenue drop Macquarie sees happens, since margins and free cash flow are already getting squeezed. Both stocks trade at roughly 21 times trailing earnings, but that doesn’t cushion investors since the risks aren’t the same.

Monday feels like a checkpoint for investors. JD is up, but the stock’s run has to keep drawing in normal or better volume, especially now as analysts cut projections. Qualcomm still needs to show signs the chip selloff is fading and that those new data-center ambitions can turn into revenue soon. Search ranking movements by themselves don’t answer those concerns.

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