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Technology Stocks : Nokia (NOK)

NOK 6.910

-0.9%

Nov 11 3:59 PM EST

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To: carranza2 who wrote (6817)	8/3/2000 1:36:44 PM
From: Wyätt Gwyön	Read Replies (1) of 34857

I should say, I'm not here to defend or attack what the Europeans have done in choosing to go with GSM. But that is a reality that is irrevocable. In other words, it's not like a committee in Geneva is going to wake up tomorrow and say it's time to rip out the GSM networks and let's let IJ run the show. In contrast, we have seen that Korea's decision to subsidize handsets is quite revocable. That is to say, a substantial portion of QCOM's IS-95 revenue and earnings growth (not to mention margins) is dependent on the whims of some bureaucrats in Korea. To me, that means that the incremental benefits accruing to QCOM from a positive Korean subsidy decision are not high-quality earnings; i.e., they are "revocable". I should have clarified earlier, but this is a quality-of-earnings argument; not a moral argument. I don't really care about the morality of Korea's decision or Europe's decision. I only care how it affects the stock prices. Last I checked, that is all the markets care about either.

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