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

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: kelseysuncle who wrote (49136)	12/9/2005 3:59:27 PM
From: Jim Mullens	Read Replies (2) of 196568

Ku, Re “tumble from grace yesterday, i.e. GAAP including options expense down 2-6% YOY for FY06” Don’t think so. This info was presented in Nov when guidance was first presented and again during London day. The comparisons the “analyst” ( First Call, etc) make are to the “proforma” figures--- $1.17 vs $1.48 for ’06 and $1.75 for ’07. Again, the Q’s forward FY PE is only 26, significantly less than these other NAZ “High flyers” – EBAY- 43.9 Yahoo- 53.6 SBUX- 37.1 GOOG- 47.4 APPL- 32.3 AVG- 42.8 Fy06 EPS $45.40 / $1.48 = 30.7 PE - Curr FY Fy07 EPS $45.40 / $1.73 = 26.3 PE - Forward FY QCOM @42.8 x $1.73 = $74 potential vs $45 today Positive Euroland WCDMA sales this Christmas season and into next year should be the catalyst for ignition (hopefully the general market will cooperate) finance.yahoo.com Earnings Est Current Qtr Dec-05 Next Qtr Mar-06 Current Year Sep-06 Next Year Sep-07 Avg. Estimate 0.37 0.36 1.48 1.75 No. of Analysts 29 29 32 13 Low Estimate 0.36 0.34 1.40 1.55 High Estimate 0.39 0.43 1.66 1.98 Year Ago EPS 0.28 0.29 1.17 1.48

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