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To: Dealer who wrote (24078)	6/29/2000 2:19:00 PM
From: Sully-	Read Replies (1) of 35685

Market Pulse Last Update: 1:23 PM ET Jun 29, 2000: NewsWatch Indications ADR Report Thursday, June 29, 2000 Piecyk on Qualcomm --1:23 pm - By Tomi Kilgore Analyst Walter Piecyk at PaineWebber dropped his price target on Qualcomm's stock (QCOM: news, msgs) to $250 from $200 and lowered his 2000 and 2001 EPS estimates, "mostly to adjust for weaker than expected chipset sales in Korea through 2001 resulting from a surprisingly strict enforcement of a handset subsidy ban." However and he said the effects of the handset ban could be offset by higher average sale prices of chipsets, an order from Nokia and/or Motorola and expansion into non-Korean CDMA markets, as well as efforts to enter the GSM market. He also noted that the Korean ban could be lifted at any time. Piecyk said, "the ramp-up of the CDMA businesses of Nokia and Motorola may hurt Korean exports, pressuring the Korean government to lift the subsidy ban." Qualcomm is down 1 7/16 to 62 1/8. www2.marketwatch.com

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