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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 173.20-3.3%Nov 6 3:59 PM EST
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To: Craig Schilling who started this subject2/8/2002 8:07:47 AM
From: qveauriche  Read Replies (5) of 152472
 
I ran a 3 month comparative chart of QCOM and all of the major indices. Its a real jaw-dropper.Our bulls point out that QCOM is not as richly priced as other techs. Our bears point out that, while they agree, all of the techs, including QCOM, are overvalued.

Whether the bulls or the bears are right, what is clear is that QCOM is dramatically underperforming every market index. The market is singling QCOM out for special abuse.

And yet, the news flow on QCOM hasn't been correspondingly that much worse during the time period.Some might say its been better.That this trend has continued in a market spooked by liquidity concerns is even more remarkable given QCOM's huge pile of cash and no debt.

Today looks like a continuation of the trend. The market seems poised for a mild rebound at the open. QCOM is one of the few stocks trading down in the pre-market.

This cannot be explained merely by claiming QCOM is overvalued. To answer the question of whether the market has a peculiar dislike for a stock, we must instead look at how the market treats that stock relative to other stocks at a given point in time, without consideration to whether the market as a whole,and thus a particular stock, is over or under valued relative to its LT true value.

Epecially given the tremendous success of 1X in South Korea, which is the most powerful statement yet on the existence or non-existence of demand for 1X, I am really perplexed by this.

Is anyone else?
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