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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 159.42-1.2%Jan 16 3:59 PM EST
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To: Uncle Frank who wrote (108183)11/7/2001 5:55:50 AM
From: limtex  Read Replies (2) of 152472
 
UF - The dissapointment is this:-

1. It was at this time that we expected the QCOM engines to be moving down the runway. That means that we ought to be hearing really positve things about next year and $1.1 to $1.2 doesn't seem al that positive. Forget about P/Es for a brief moment...it just doesn't seem to reconicle with what we all believed.

2. Even MSFT and INTC aren't dissapointing. And they are not at the beginning of their greatest periods whereas QCOM is. It just doesn't seem to reconcile that MSFT and several other biggies can come out with numbers that are mediocre and yet not dissapoint and Q comes out with OK fundamentals but then gives us a view of next year that is a damp squib.

One is tempted to ask what is going on?

I don't think you can swap a guy like Sulpizio for an accountant. I just can't see an accountant having the same technical credibility as Sulpizio in analyst presentations.

The conservative accounting might look great for the future but I don't think so. We will get all sorts of negative comments fro every following qtr criticizing the fact that the earnings will incorporate some amortized licensing income that was earned months or years ago and thereore it doens't count. So we miss out on it this qt when it was vital and we lose it in all future qtrs. Great strategy.

Best,

L
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