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Strategies & Market Trends : The Options Box
QQQ 625.58-0.3%Dec 11 4:00 PM EST
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To: Mark Z who wrote (2028)6/14/2000 1:42:00 PM
From: Mark Z  Read Replies (2) of 10876
 
More from Briefing.com:

QUALCOMM (QCOM) 73 7/16 -7 15/16 : The widely held provider of digital wireless communications products, technologies and services is taking a bit of a beating today. The reason for the breakdown comes from the CFO who announced that the demise of wireless telecommunications company, Globalstar (GSTRF), could reduce FY01 earnings by as much as 10 cents per share (were such a demise to occur -- the CFO did not believe that it would). Qualcomm is one of a few large investors in Globalstar, and had been awarded a contract to produce handsets for the company. The current consensus for the 2000 fiscal year is $1.42 (P/E 51.7). Unfortunately for this issue, beatings have not been a rare occurrence as it plunged 50% just during the month of May alone. The subsequent recovery attempt merely tested the minimum retracement target of 38% near 83 before embarking on a downside extension. While the earnings news clearly has been the driving force today, the failure to mount a more impressive recovery and the intraday penetration of a short term support at 74 imply that (QCOM) is positioned for another run at the May low (60). Initial support on a breakout comes into play in the 55/50 congestion area. The key resistance that must fall over the very near term to negate the current weaker bias is at 82. -- Jim Schroeder, Briefing.com
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