Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.81

0.0%

Dec 26 9:30 AM EST

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To: S100 who wrote (85155)	10/30/2000 2:21:30 PM
From: golfinvestor	Read Replies (3) of 152472

Monday October 30 2:12 PM ET Qualcomm Shares Dive on Globalstar Woes LOS ANGELES (Reuters) - Shares of wireless technology company Qualcomm Inc. took a nosedive on Monday as investors feared it could be hurt by its exposure to beleaguered satellite company Globalstar Telecommunications (NasdaqNM:GSTRF - news). San Diego-based Qualcomm (NasdaqNM:QCOM - news) shares in Nasdaq trade were down $7-5/8 to $67-1/4, after they fell as low as $66-5/16. Volume was a robust 10.4 million shares. Shares have fallen from a high of $179-5/16 at the year's start. Analysts said the market was concerned with Qualcomm's exposure to the satellite phone company, which reported a third quarter loss that widened unexpectedly by more than five fold. ``The concern is that Qualcomm is a supplier to Globalstar. So certainly with the exposure there and Globalstar down 50 percent you can't expect great things to happen to (Qualcomm),'' Banc of America Securities analyst Mark McKechnie said. Meanwhile, a report that its chief financial backer, Loral Space & Communications Ltd. (NYSE:LOR - news), would provide it no further financial support helped send Globalstar shares down 52 percent to $2-7/8. Its shares have fallen from a 12-month high of $53-12/16 at the start of the year, raising questions as to whether it would join competitors in declaring bankruptcy.

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