Qualcomm Moderated Thread - please read rules before posting Message Board

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

QCOM 170.58

-0.2%

12:01 PM EST

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To: Jim Mullens who wrote (49155)	12/10/2005 12:06:41 AM
From: kelseysuncle	Read Replies (1) of 196571

Jim: You wrote "I think you you’re overlooking the growth element..." I'm not and you're missing my point. It matters not what you or I can calculate to be the growth, what matters as far as the stock price is concerned is what Mr. Market views as the potential. Keitel's stated projection is that GAAP EPS will fall in FY06. He also states that pro forma will grow nicely. I also think he's being quite conservative in those pro forma projections. My concern is that QUALCOMM's projected decline in GAAP is out there. Mr. Market will react and perhaps already has. Decline is not growth and valuations in the face of declining GAAP has not been looked on kindly by Mr. Market. Witness the globalstar and pegasso writeoffs. The stock price plunged. To an extent, I am playing devil's advocate here. I have not understood why there has been so little appreciation in the stock price of late in face of all the good news and may have latched onto this options expensing as an explanation. I am trying to read tea leaves as I face end of the year rebalancing. My use of TXN, NOK etc for comparison are at least as valid as your use of GOOG, EBAY etc. The valuation that the market will reach is quite probably somewhere in between. I very much hope that your projections turn out to be the case but as I stated earlier I am going to be watching closely. There is very little more that Q can announce in the short term if Mr. Market decides to lump it in with the rest of the sector rather than the "high flyers " that you cite. Cheers, ku

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