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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 170.90-1.3%Nov 7 9:30 AM EST
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To: John Koligman who wrote (76088)7/10/2000 11:10:58 AM
From: The Phoenix  Read Replies (1) of 152472
 
John,

First let me say that I'm not a QCOM zealot.. in fact you can see that I rarely post here. That said, there are little in the way of analogies you can draw between DELL and QCOM. DELL is/was in a market that was seeing growth slow - now the over all market growth there is in the teens. Furthermore DELL's business model was more capital intensive and finally the muliples on DELL were ridiculous.

QCOM continues to target a market that is growing in the 40-50% range. Infrastructure build out is just starting in many countries and contrary to what you might here fundmental to 3G is CDMA for which QCOM has patents. Whether or not QCOM chipsets are used QCOM will recieve royaly payments. That all sounds fine - but then you look at the fundies. QCOM is trading at 52 times this years projected earnings and only 40 times next years which seems pretty reasonable given their market.

IMO much of the price movement in this stock recently has been a function of jawboning by asian governments and a perhaps a lack of understanding as to their impact on the company's performance by investors. At $55-$60 QCOM is a buy...maybe it wasn't at $100 but here it is a buy and hold. It certainly is not a time to be selling.

So in all due respect QCOM is no DELL.

OG
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