The New Qualcomm - a S&P500 company Message Board

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Technology Stocks : The New Qualcomm - a S&P500 company

QCOM 176.70

+1.6%

9:58 AM EST

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To: Caxton Rhodes who wrote (1195)	9/1/1999 4:11:00 PM
From: mmeggs	Read Replies (2) of 13582

Here's the release: NEW YORK (Dow Jones)--Qualcomm Inc. (QCOM) shares continued to tumble in afternoon trading Wednesday after Banc of America Securities LLC cut its rating for the wireless-communication concern to buy from strong buy. Recent discussions with Qualcomm management point to faster-than-expected price erosion in handsets, according to a research note by Banc of America's Mark McKechnie. "We believe handset margins are being pinched because of increased competition from Nokia (NOK) and Motorola (MOT), who are ramping up their own handsets, and unfavorable component pricing amidst industry shortages," according to McKechnie's note. Qualcomm shares recently traded at 169 down 23 3/16 or 12% on volume of 17.7 million shares, Average volume is 3.9 million shares. Earlier Wednesday, as reported, an Everen Securities Inc. analyst issued a report urging caution about fourth-quarter profits at the San Diego company. Increased price erosion and a tightness in component supplies were cited.

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