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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 152.21-0.3%3:59 PM EST
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To: DTA who wrote (8166)2/8/1998 1:12:00 AM
From: Gregg Powers  Read Replies (3) of 152472
 
Normally don't participate in this forum, but I have a few thoughts to share. To those suggesting that QC's management was being deliberately deceitful during the January conference call, I would ask "to what end"? To reverse one's position within two weeks is embarrassing at best and certainly does enhance the company's economic position. Hansol PCS (the "lost" $60mm "Q" order) notified the company last week that, contrary to prior assurances, it could not perform under its contract with QC--chalk one up to the liquidity crisis in Korea. Meanwhile, on the chipset side, we are not talking about a sequential decline in sales--just results flat with December. Qualcomm had budgeted for up volume, based on firm purchase commitments. But the customer (Samsung, I believe) appears to have deferred a portion of its order in response to slowing Korean handset sales. I would note that Sawtek contemporaneously issued a press release remarkably similar to QC's, citing order deferrals from a large Korean customer. As the company's largest institutional shareholder, and someone who has known Irwin Jacobs and Harvey White for almost six years, I know that management fairly and accurately represented the order backlog that existed in January. Moreover, the fact that the company ramped up both operating expenses and chip production capacity in anticipation of this growth empirically corroborate this conclusion.
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