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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 174.770.0%Dec 24 9:30 AM EST
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To: Don Pueblo who wrote (113899)2/21/2002 6:15:10 PM
From: Art Bechhoefer  Read Replies (3) of 152472
 
Remember that for every sale there is a buy. Is Q coming into the buy range? Yes, of course, for many people. But it is still in the sell range for others. This tells us nothing unless we get back to the fundamentals and the surface events the stock appears to run counter to its fundamentals.

The fundamentals still show an overall growth rate in the 30 to 50 percent range. But the surface events, most recently in the form of articles in BARRON'S and BARRON'S Online, have depressed the stock. Now the real question is whether the information in those BARRON'S articles was inaccurate. I think it was, and it is also worth noting that some of it was sheer opinion, without any factual basis.

Put all this together with fears of accounting irregularities and you get an investment community afraid to invest in anything but blue chips and Treasury bonds. Remember, it isn't only QCOM that has dropped. Just look at IBM. If IBM drops, then virtually no technology stock is safe from attack.

This is the time to go back to the fundamentals and see if there is a reasonable justification for the present price, or if there is an anomaly that leads to a conclusion that the stock is woefully undervalued.

Art
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