I just checked out Qualcomm's (NASDAQ: QCOM) earnings report that was released after the bell on Wednesday -- there's nothing in there that screams "buy me!"

For the company's fiscal Q2, revenues increased 17% to about $2.6 billion. Not too bad on the top line, I suppose. The bottom line, however, didn't see fit to reach for the double-digit growth crown -- diluted earnings per share, with adjustments, rose 8% to $0.54. Furthermore, free cash flow declined by 29% on a year-over-year basis. Now, let's focus our gaze at the pro forma forecast -- Qualcomm is looking for a potential decrease in Q3 earnings per share, perhaps on the order of between 5% and 9%. Okay, that's just the next quarter -- surely the fiscal year will be better, right? Not really. At best, the full-year earnings per share number will increase 4%, and at worst, you can look for a tiny little increase of 1% (that was an improvement over previous guidance, I'll give management that).

I'll pass on Qualcomm. Not only do these growth rates fail to intrigue me, but the company has been involved in litigation with Broadcom (NASDAQ: BRCM) and Nokia (NYSE: NOK), as Douglas McIntyre discussed last month. I like to avoid companies with litigation issues that can possibly exert a negative influence on a stock's potential to rise. Perhaps when Qualcomm has its legal house in order, I'll take another look.

Disclosure: I don't own shares in any of the companies mentioned here; positions can change at any time.