As strange as it may seem, I have not followed QCOM, except at the periphery.  I do however believe that its competition has increased, namely INTC and I also think Huawei is developimg its own Cellular Modem chips.  In other words competition is growing, and we all know that the NXP which collapse last week due to trade tensions (I am sure QCOM's CEO is not a Trump supporter now, even if he was before) could have reshaped QCOM as it would have deversified it.  But no more, so QCOM is likely to go after smaller companies where a Chinese OK is not needed to close a deal.

Then there is the Apple litigation still ahead.  If you recall, Apple sued QCOM for trying to extract too much in royalties from Apple.  QCOM counter-sued, so that still bodes ill for the stock as Apple has to be a better than 10% customer, more so if the rumor that INTC will not supply its modem chips to Apple starting in 2020.Although, I do wonder if Apple is holding that carrot for Qcom to settle out of court and ease the priing for Apple.

So, even though I am not as knowledgeable of the current prospects after the failed acquisition, I would not be looking at it, maybe if the price were to fall enough.