I picked up some Oct 60 QCOM calls this morning. Ed Snyder (of Chase H&Q) has consistently been one of the most obtuse and bearish QCOM analysts around; he was the "anti" guy they featured on CNBC the other day in the QCOM-related debate:
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He had a "hold" on QCOM throughout much of last year, has never bought the basic story we have, and IMO is totally unreliable. (Note how the other guy in the debate actually calls what Snyder has to say "factually untrue.") Some have speculated that he might be beholden to certain anti-CDMA interests, but my hunch is that he's just a moron. Anyway, if you're a QCOM holder you bought without his approval in the first place, so by themselves his comments now constitute no reason whatsoever to sell.
This is not necessarily to say that everything is hunky-dory with the Q. I personally believe that it is, but that is just the opinion of a hopelessly optimistic non-techie who follows the news and the boards pretty closely. My advice would be to wait for the next earnings report, see what the numbers are and what the management has to say about things, and see what the best-informed people here have to say about all of that. Only then would I even consider selling.
tekboy/Ares@stiffupperlipnow,Plutus.com
PS Mark Roberts, the analyst who's preannouncement of a less-than-blowout quarter helped cause a temporary dip (from about post-split high 40s to high 30s, as I recall), is a straight shooter who was just relaying word from Q management. You can see his general take in the CNBC debate with Snyder above; here's what he had to say in response to today's dip:
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In general, don't ever listen to Marc Cabi or Ed Snyder; trust Tim Luke, Alex Cena, and Roberts. The PW guy with the big price target, Walter Piecyk, is bullish but doesn't have the demonstrated track record or knowledge of those other three... |
