Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.01

-0.3%

Nov 14 9:30 AM EST

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To: MileHigh who wrote (40718)	9/13/1999 5:50:00 PM
From: Ruffian	Read Replies (1) of 152472

Bloomberg> Qualcomm Falls on Concern It May Miss 4th-Qtr Profit Forecasts Qualcomm Falls on Concern It May Miss 4th-Qtr Profit Forecasts San Diego, Sept. 13 (Bloomberg) -- Qualcomm Inc. shares fell 7.4 percent after the maker of cell phones and semiconductors canceled a speech to investors, sparking concern that fiscal fourth-quarter profit may fall short of expectations. Qualcomm fell 12 5/16 to 153 3/8 in trading of 9.66 million shares. The stock, the best performer on the Standard & Poor's 500 Index so far this year, is still up almost sixfold. President Rich Sulpizio was scheduled to speak to investors today at the SG Cowen & Co. Technology Conference in Boston. Qualcomm canceled his 8 a.m. appearance because of a scheduling conflict after it was unable to find a suitable replacement, spokesman Dick Grannis said. ''People read the worst into these cancellations,'' said David Powers, an analyst at Edward Jones & Co. ''The overriding concern is that Qualcomm will miss the numbers this quarter.'' Qualcomm is expected to report profit of 88 cents a share in the quarter ending this month, according to a First Call Corp. survey of analysts. Grannis said the company hasn't told analysts to change their estimates. ''There has been no change in the business of the company,'' he said. It's the second time in two weeks that Qualcomm has fallen on concern that fourth-quarter profit will disappoint. Shares of the San Diego-based company tumbled 12 percent on Sept. 1. Grannis said Qualcomm will hold a meeting for analysts in New York as planned on Wednesday. The company's investor relations department blamed Sulpizio's cancellation on a conflict with the meeting and declined to elaborate. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min.

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