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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 180.90

+2.1%

Oct 31 9:30 AM EDT

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To: RoseCampion who wrote (42960)	9/30/1999 6:02:00 PM
From: Ruffian	of 152472

Correction> Thursday September 30 5:36 PM ET Corrected: Qualcomm To Evaluate Stake SAN DIEGO (Reuters) - Wireless communications company Qualcomm Inc. (Nasdaq:QCOM - news) said Thursday it will be evaluating its $50 million stake in Russia's Metrosvyaz following the decision by Leap Wireless International Inc. (Nasdaq:LWIN - news) to withdraw its support for the Russian wireless firm on grounds of ''serious financial irregularities.'' Qualcomm said the results of its inquiry may result in a one-time write down in the fourth fiscal quarter of 1999. The company said it continues to expect that its fourth-quarter earnings, excluding nonrecurring charges, will meet or exceed Wall Street estimates of 88 cents per share. Qualcomm shares closed at 187-3/4 Wednesday on the Nasdaq stock market. Leap Wireless shares closed at 23-13/16 on the Nasdaq. Leap said Wednesday it had ceased funding its loans to Metrosvyaz, in which it has a 35 percent stake. Metrosvyaz, which is attempting to establish joint ventures in Russia to operate a wireless local loop service, announced in April its plans to strike similar deals in 26 Russian regions. Ericsson is the equipment supplier for the first eight regions. Leap said Wednesday it had started a special audit of Metrosvyaz's books and contracts and that the normal year-end audit of Metrosvyaz and the preliminary results of the special audit have disclosed serious financial irregularities. Leap did not elaborate on what those irregularities might be.

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