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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 159.95-0.9%1:50 PM EST
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To: Ramsey Su who wrote (8447)2/12/1998 9:15:00 AM
From: JMD  Read Replies (3) of 152472
 
Ramsey,Caxton, all others @ Q SM. Below is a post from a guy on the Q motley thread. Please comment--were you guys at the same meeting?
Subject: Annual meeting
Date: Wed, Feb 11, 1998 21:15 EST
From: Sidman5370
Message-id: <19980212021501.VAA12823@ladder03.news.aol.com>

The summary of the meeting was as follows:

1) Near-term (next 6-12 months) visibility is very cloudy due to Korean problems which related to ASIC demand and royalty payments. Company thinks things might get much worse before they get better.

2) Handset pricing for QCOM in the US is coming down hard as a result of aggressiveness of new entrants including the Koreans.

3) Large PCS providers like Sprint are selling Samsung phones in 3 out of 4 customer cases because of its sleeker design and lower cost to the service operator. This was not uncovered from management, but rather was the talk of the meeting.

4) Still alot of questions about management credibility exist since they said things were rosy 2 weeks ago and now things got murky which will cause doubts on whether they are telling us how bad things are now (i.e. could they get worse).

5) QCOM is finding it difficult to secure orders for base stations from service providers in foreign countries, so they are investing money in them to secure the business (i.e. buying the business). A good near-term strategy, but could fail if these companies fall like US based PCS operators like Nextwave and Pocket.

I think this is a good summary of the meeting and doesn't sound particularly good for the stock over the next year if you ask me.

good luck to all.

Thanks, Mike Doyle
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