Eoin Treacy's view Qualcomm initiated a dividend and share buyback scheme in 2003 and has increased its payout every year since. They have also used dips in the price to accelerate their buyback program. Describing technology companies as money making machines, he told me that Corporate Treasury is Qualcomm's third largest business unit. Considering the cash accumulation evident in so many technology companies this characteristic is probably shared by a number.

The share had become quite overextended relative to the 200-day MA by late March and was prone to a reversion. It has since pulled back and found at least short-term support above $60 last week. This area represented the upper side of the underlying multi-year trading range. A sustained move below it would be required to begin to question medium-term upside potential.

Qualcomm employs a large number of engineers in an effort to come up with the next big thing. It licenced its products to a number of mobile phone operators allowing it to dispense with manufacturing altogether. As a globally oriented company leveraged to the growth of the global middle class, with strong cash flows and a reliable dividend pay-out record Qualcomm deserves its Autonomy designation.