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

QCOM 174.01

-0.3%

Nov 14 9:30 AM EST

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To: slacker711 who wrote (93422)	7/21/2010 11:44:47 PM
From: kelseysuncle	1 Recommendation Read Replies (1) of 196654

Keitel dodged all of the direct questions and even stated that he would go into more detail in November. Something has changed, the question is whether it is permanent. From my listen he didn't exactly dodge the questions but DID stick strictly to his prepared answer. There were at least three questions asking for clarification of the lower margin. Each time his answer was essentially the same: fixed cost, lower Jan Q revenue hence lower margin. The analysts didn't seem to buy the explanation and I wouldn't be surprised by headlines tomorrow claiming record low margins for QTL. OTOH from my own experience costs for patent filing HAVE roughly doubled over the past two years and if patent filings have increased (as I think I heard in the CC) costs could have significantly risen and with revs seasonally down maybe that's all there is. It was the only weak part of the CC, the rest was quietly confident. The AH reaction was pretty good. I hope it carries through tomorrow. Best, ku

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