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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 171.02-1.5%Dec 31 3:59 PM EST
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To: dave katragadda who wrote (56273)12/23/1999 9:54:00 AM
From: Ruffian  Read Replies (1) of 152472
 
Thursday December 23, 9:43 am Eastern Time

RESEARCH ALERT - Qualcomm EPS estimates
raised

CHICAGO, Dec 23 (Reuters) - ABN AMRO analyst Kenneth Leon said Thursday he
raised his fiscal year 2000 estimate for Qualcomm Inc. (NasdaqNM:QCOM - news) after
the wireless phone maker and technology provider agreed Wednesday to sell its land-based
consumer phone business.

-- The San Diego-based company said yesterday it agreed to sell the unit to Japanese company Kyocera Corp. for an
undisclosed amount of cash.

-- Leon said in a research note that he raised his fiscal year 2000 earnings per share estimate to $4.23 from $4.00.

-- He also said he introduced a fiscal year 2001 EPS estimate of $5.68.

-- He said, ''Immediate benefits (from the deal with Kyocera) will arise from absence of the poorly performing handset
division.''

-- Kyocera also agreed to buy 70 percent of its Code Division Multiple Access (CDMA) chipsets and system software from
Qualcomm for the next five years, so the deal will increase sales for Qualcomm, Leon said.

-- ''We like the long-term value of this deal for Qualcomm. We would wait for price weakness before accumulation,'' he said.

-- Shares of Qualcomm were off 7-7/16 at 478 on Nasdaq in early morning trade.
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