Qualcomm (QCOM) is seeing another day of options action, as the stock spends a second trading session taking a beating behind the woodshed. QCOM sank 14 percent Thursday after the co. posted earnings that beat estimates, but guided 2nd quarter numbers lower. Today, however, Hilliard Lyons analysts came to QCOM’s defense. They upgraded the stock to Buy, saying long-term secular trends towards wireless devices will benefit Qualcomm. Investors don’t seem convinced. Shares are down another $1.78 to $38.70 today and the ongoing volatility in the shares is driving heavy action in the options. 159K calls and 70K puts traded so far, or 3X the recent average daily.