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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 166.81

-4.1%

Nov 17 3:59 PM EST

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To: Caxton Rhodes who wrote (15633)	10/9/2001 12:49:19 PM
From: Ibexx	of 196660

From Morgan Stanley this morning: Qualcomm (QCOM-$41-SB-V) Favorable CDMA2000 Developments Louis Gerhardy --SK Telecom reported 1,334k CDMA2000 1x subscribers at the end of C3Q01 (Sept), up 953K from the 381K reported at the end of C2Q01. At this rate SK Telecom is on track to beat its own target of 2MM CDMA2000 1x subs by the end of 2001. --The 3G handset sales have been driven by replacement handset demand (vs. new subscriber handset demand) and have been driven without direct subsidies. With color displays being introduced to the Korean market in the coming months, CDMA2000 1x replacement handsets demand is expected to remain firm. --Two new CDMA2000 network build-outs - Motorola (MOT-$-O-V, covered by A. Shah) announced that it awarded its 9th and 10th CDMA2000 1x network infrastructure contracts. The first contract is for a new network under development today in Dnepropetrovsk, Ukraine with commercial service in C1Q02. The second contact is to upgrade Horizon PCS's infrastructure in the USA with 3G services available for summer of 2002. --GPS middleware availability should facilitate GPS chipset product cycle. QCOM announced commercial availability of GPS middleware that supports QCOM's GPS enabled handset chipsets. The middleware, announced together with partner TeleCommunication Systems, Inc. (TSYS-$2-NR), helps carriers reduce costs and speed their deployments of E911 emergency cell phone location systems as well as value-added location-based services. TSYS customers include CDMA carriers Verizon Wireless and Leap Wireless. --Major drivers for QCOM include CDMA2000 1x as well as QCOM's leadership position with global positioning system (GPS) technology. We expect QCOM to report F4Q01 (Sept) EPS of $0.25 on 11/6, and it will follow-up with an analyst meeting on 11/8. Our F1Q02E (Dec.) EPS is $0.26 vs. consensus of $0.28, but we believe a downward revision in EPS is already discounted in the stock. Ibexx

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