The New QUALCOMM - Coming Into Buy Range Message Board

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Technology Stocks : The New QUALCOMM - Coming Into Buy Range

QCOM 174.01

-0.3%

Nov 14 9:30 AM EST

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To: manalagi who wrote (1041)	8/21/2007 12:45:38 PM
From: Art Bechhoefer	Read Replies (1) of 9129

Regarding QCOM selling put options as a way of buying back shares, all we know is that the firm has $3 billion authorized for share repurchases. We won't know what, if any transactions have taken place until the release of the next financial report in October. I would assume that QCOM did some repurchasing (either directly or through sale of put options) on recent news. But if this was not the case, then my view of the fundamentals affecting the company would change. Put another way, if QCOM repurchased significant amounts of stock, it suggests the company thinks it will prevail on the key issues under litigation. If QCOM didn't buy back share, well, maybe the company is really worried about the health of its IPR. And if that is the case, then the fundamentals (i.e., the value of the patents as an asset) definitely have changed, and the stock is worth less than what one might have thought earlier. Art

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