The days postings brings to mind the following from Willliam Butler Yeats:
For how can you compete,being honour bred,
with one, who were it proved he lies,
is shamed neither in his own nor in his neighbor's eyes.
Responding to this guy is worthless. Alerting other threadsters to the inaccuracies of his postings is not.
Lie about A. Get caught lying about A. Respond by lying about B. Get caught lying about B. Respond by lying about C....and on and on it goes.
Not exactly a useful experience.
Changing the subject, i think an interesting contrast has emerged between QCOM mgmt. and A&B, Bear Stearns, UBS Warburg, and now CSFB. Somebody is seriously wrong. I believe that QCOM mgmt. convincingly explained that its growth was based on replacements, and not customer adds. Have any of these analysts based their views on any thing other than the lack of new-add growth/ Have any even attempted to explain why they might disagree with mgmt.'s analysis on this point? I'd be very interested to know if any such views were expressed in this slew of downgrades.
In any case, ther's nothing we can do now but wait to see how it turns out. If QCOM comes to the next cc with strong guidance for the December quarter, and says that its 95% booked,surely some of these guys will recoinsider.
But as for now, QCOM mgmt has no credibility with the analyst community. They are essentially saying with each new downgrade, "We don't believe you."
the next few months will be interesting and may determine whether I stay long on the stock. If mgmt is wrong, I'll be surprised. I just can't imagine a company would be unrealistically optimistic about its prospects in this environment. |
