Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 182.22

+3.5%

3:59 PM EST

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To: JMD who wrote (6539)	12/16/1997 10:29:00 AM
From: dougjn	Read Replies (1) of 152472

With the shield laws re: forward looking statements, one doesn't have to be right to avoid loosing a lawsuit, only good faith, based on reasonable diligence. The problem comes with duties to update. If a co. establishes a pattern of warning as soon as any signif. change seems likely (but in advance of having the hard numbers), it is difficult to then fail to warn in advance of earnings if things again significantly change. I suppose a public announcement of a change of warning policy could work. Anyway, these are reasons why Cos. typically establish consistent policies of market comment, and try to avoid micro guidance. They use analysts to get micro guidance out the back door, esp. "favored" analysts. (Which creates its own dynamic.) To be in a position to "break" shadings changes on a stock, one has to be in favor with/favorable to a company. But the shadings may often be a bit of a warning, downward english. Which the analyst wants to communicate to the clients who grade him (Inst. Investor subscribers), but subtly. Etc. Doug

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