Qualcomm(QCOM) -> SpinCo Message Board

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Technology Stocks : Qualcomm(QCOM) -> SpinCo

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To: kcmike who wrote (135)	11/2/2000 5:01:51 PM
From: David E. Taylor	Read Replies (1) of 172

Mike: In short, yes. I've cleared out short term options (maybe prematurely in view of earnings), but held the share positions because I didn't expect QCOM to sink back to the low 60's! The best time to play the IPO with a larger share position and call options will be the two months before the IPO. If they file an amended S-1/A with preliminary Spinco pricing in early January, the IPO will probably go 4-6 weeks later. The S-1/A filing will be the trigger for me, since it will immediately put a floor on the valuation for Spinco which the underwriters have confidence in, and that valuation will give the market a basis for a sum-of-the-parts valuation on QCOM, which I still expect to be $85 minimum, probably closer to $100. In the meantime, QCOM will continue to be news driven, unless the earnings CC today has a lot of positive stuff in it, in which case we may see a runup right now. JMO. David T.

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