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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 137.59-7.6%1:03 PM EST
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To: carranza2 who wrote (59014)1/25/2007 12:43:12 PM
From: Art Bechhoefer  Read Replies (1) of 197597
 
buying back shares at a time when the company knows of a favorable material event is not illegal

Not being lawyer, but, because of my investment advisor status, I have some knowledge of the SEC regulations and believe that under certain circumstances, a buyback made before the availability of significant corporate events COULD BE ILLEGAL. The broad rule is to make no purchases or sales before important events have been made public.

However, it's also true that the QCOM board has voted and voted again to buy back shares when they believe the shares are undervalued. This stated, publicly announced policy gives them a legal right to buy back shares whenever they choose. QCOM has been very careful to make sure that investors are well aware of this ONGOING policy.

The enticing comment that the company does not want to buy back shares before an important event, or words to that effect, does indeed make one wonder what event is about to be announced. If it is a really big event, then I would say it must involve the issues surrounding the Nokia-QUALCOMM licensing/royalty agreements. Just my hunch. I still would not expect any announcement for another month or more.

Art
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