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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 163.32+2.3%Nov 21 9:30 AM EST
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To: JohnG who wrote (51584)11/23/1999 10:22:00 PM
From: Jenne  Read Replies (2) of 152472
 
QCOM $360.25 +0.25 (-6.81) QCOM appears to be taking a breather. Volume has remained substantially below the ADV over the last 3 trading days while the price has nonetheless remained stable (a relative term when a company is priced at $350 per share). That's an indication that investors are comfortable in this price range and no longer desperate to part with the shares at any price - looks like the fire sale is over. That's not to say that it can't fall further should the market suffer a meltdown, just that it looks like the major damage is done. In fact in the face of today's losses, following the initial opening selloff, QCOM gained ground all day. With an agreement once again shaping up to sell equipment in the development of China's new wireless system, the 4:1 split at the end of December, and the prospect of announcing a buyer for their handset manufacturing business by the end of the year, the future still looks good. Support came today at $345, but generally can be found at $350, then $330. These provide good targets for shooting, or you can wait for a breakout over $370. We favor the target shooting approach since there is plenty of time until the end of December. Pick your entry carefully and keep your stops on place to protect your profits. Though subject to wild swings, QCOM still provides many profit opportunities for the nimble, even on down days.

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