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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 178.29

-1.6%

Dec 12 9:30 AM EST

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To: Kent Rattey who wrote (7737)	2/23/2001 8:54:33 PM
From: Kent Rattey	of 196952

Calpers Says It Won't Change Vote on Qualcomm Stock-Option Plan By Scott Lanman San Diego, Feb. 23 (Bloomberg) -- The California Public Employees' Retirement System said it won't change its vote against a Qualcomm Inc. stock-option plan after the company asked the largest U.S. public pension fund to reconsider. Calpers opposes the mobile-phone chipmaker's option plan because the 159 million options represent more than 10 percent of the total shares, Calpers spokesman Brad Pacheco said. The fund owns 3.11 million shares of Qualcomm, a 0.4 percent stake. Qualcomm yesterday said it's asking investors to change their ``no'' votes on the plan because they may have thought it called for Qualcomm to issue a large number of new shares. The company will tally the votes at its annual shareholder meeting on Tuesday in San Diego. Qualcomm Treasurer Dick Grannis declined to comment on whether there are enough votes to reject the plan. ``We'll just have to wait and see how people vote,'' Grannis said. He said he called Calpers yesterday and ``asked them to consider the issues.'' ``We respect their opinion, of course,'' Grannis said. Pacheco said he didn't know how other investors were voting on the plan. Shares of San Diego-based Qualcomm fell $5.13 to $61.81 on the Nasdaq Stock Market. They're down 25 percent this year. Investors approve the vast majority of stock-option plans, Institutional Shareholder Services Vice President Patrick McGurn said, citing a recent study that showed fewer than two dozen out of 3,000 plans were rejected in proxy votes in a one-year period.

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