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Non-Tech : The Critical Investing Workshop

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To: Uncle Frank who wrote ()	2/6/2000 2:11:00 AM
From: r.edwards	of 35685

J.P. MORGAN SECURITIES INC. - EQUITY RESEARCH GREGORY GEILING (1-212) 648-3320 Angelo Liberatore (1-212) 648-8623 QUALCOMM (BUY) It is important to note that the Unicom agreement only covers new Chinese manufacturers that wish to license CDMA. Motorola (MOT/$137/BUY), Ericsson (ERICY/$79.94/Long-Term Buy), Lucent (LU/$56/BUY), Nortel (NT/$94/BUY) and other international vendors - all of which are expected to compete for CDMA business in China - will still pay QUALCOMM the same standard royalty rates set in their individual licensing agreements. Unicom said it plans to begin building a network "promptly," and we would expect that will mean a large portion of the initial build will go to international vendors. We reiterate our BUY rating on QCOM shares and $170 price target. (J.P. Morgan Securities Inc. acted as co- or lead-manager in an offering of securities for LU, NT and ERICY within the past three years. A director of J.P. Morgan is a director of LU. The covering analyst or research associate holds a position in LU.) ________________________________________________________ Wireless technology vendor Qualcomm [QCOM] also anticipates a surge in the use of location technologies. The San Diego-based pioneer of the CDMA interface standard is buying GPS technology vendor SnapTrack for $1 billion in stock. The purchase will provide Qualcomm with GPS software to work with its gpsOne chipset. SnapTrack's technology has been adopted by Japanese wireless giant NTT Mobile Communications [MBNXY] and has been tested by Spanish GSM provider Telefonica Moviles, a subsidiary of Telefonica [TEF]. Last October, SnapTrack commenced an agreement with DSP Communications [DSP] to co-market and develop chipsets with SnapTrack's software for wireless formats such as CDMA and cdma2000. (now Intel owns DSP ?)hmmmmm a nightcap..................

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