QUALCOMM, Inc. (QCOM) shares plunged 15.25% to $51.07. QUALCOMM reported better-than-expected results for its fiscal fourth quarter on Wednesday. However, the company issued a weak forecast for the first quarter. The company had $0.91 in earnings per share (EPS) on $5.5 billion in revenue compared with consensus estimates from Thomson Reuters that call for $0.86 in EPS on $5.21 billion in revenue. The same period from the previous year had $1.26 in EPS on $6.69 billion in revenue. In the report, Qualcomm noted that beginning with this release, it will no longer provide annual revenue and EPS guidance. However it will continue to provide quarterly guidance for certain financial and operational metrics, along with commentary on its earnings call on the drivers of longer-term performance, including its view of industry trends and growth prospects. As for the quarterly guidance for the fiscal first quarter, Qualcomm expects EPS in the range of $0.80 to $0.90 and revenue in the range of $5.2 billion to $6.0 billion. There are consensus estimates that call for $1.08 in EPS on $5.79 billion in revenue. Since September 27, the company repurchased and retired 24.6 million shares of common stock for $1.4 billion. On October 9, it announced a cash dividend of $0.48 per share which will be payable on December 18, to stockholders of record as of the close of business on December 1. Operating cash flow in the quarter totaled $1.7 billion, up 4% from last year, but down 20% sequentially. Cash, cash equivalents and marketable securities totaled $30.9 billion at the end of the fourth quarter of fiscal 2015, compared to $32.0 billion a year ago. I think market reaction is excessive and we have a very nice buying opportunity.