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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (38456)	1/26/2001 11:41:32 AM
From: Mike Buckley	Read Replies (3) of 54805

Wow! Maybe the market is thinking long-term with regard to Qualcomm. Such a rarity! A lot of people were concerned about the effects of a write-off related to Globalstar. Writing off roughly $600 million in earnings in one fell swoop is a huge chunk of change. Notice that the market has priced the stock 8% higher (at the moment I write this) than the price before the earnings report that includes a reserve for almost all Globalstar issues. I'm impressed with the market's ability to focus on the long term. However, I'm not sure it's really valid to exclude the write-off from the pro forma at the same time it includes proceeds from the sales of securities. It appears to me that the company is trying to present the best possible scenario of excluding one-time charges but including one-time gains. In these days of companies including sales of securities under the premise that those investments are at the core of their daily operating business, I can see it justified but I still believe it's a stretch. --Mike Buckley

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