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Buy Apple, Dump Qualcomm

Apple's (AAPL) arch nemesis Qualcomm (QCOM) reports quarterly results after the market close Wednesday. Investors will certainly be listening for an update on the company's high-profile litigation with Apple.

Year to date, shares of Qualcomm are down nearly 14%, while Apple is up almost 30%.

Back in January, Apple announced it would sue Qualcomm for $1 billion, saying that Qualcomm has been "charging for royalties for technologies they have nothing to do with." Apple alleges that over a dozen companies contributed to the cellular...