CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST! Message Board

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Technology Stocks : CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST!

QCOM 175.25

+0.6%

3:59 PM EST

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To: Maurice Winn who wrote (27)	4/17/1996 6:56:00 AM
From: Michael Allard	of 1819

First of all, nothing about one quarters earnings being short changes my view of this stock long term. Nothing was announced yesterday that weakens my long term view. In fact, the long term picture was strengthened quite a bit with the announcement of some 450 MM in CDMA equipment backlog. I lisened to the 1 hour conference call by Jacobs and his CFO. Nothing new was said. Jacobs never does a good job in touting his compnay, he is much too technical, and overly conservitive (when talking to analysts). The CFO was not much better. They spent 55 min of the hour answering questions. (I think Harvey White, the President does a much better job at these interviews). Relevent points from the conference call: They said they have shipped 20,000 phones to Hong Kong, 20,000 to Korea. They expect realize revenues on CDMA equipment shipments in calander Q4, which is QCOM's Q1 - 1997. QPE is set to produce 1MM phones/year The CDMA standard has not changed since issued. The only surprise in the LA network was due to the extraordinary amount of analog users, which would overload the front end (RF Portion) of the CDMA phones. Early on, when this was realized, changes were made to the phones to accomodate for this. All CDMA phones shipped to date have this mod incorporated into them. Any digital technology would realize the same issue in LA, since it is an RF issue, not a digital one. My short term view: Short term outlook is that QCOM will battle back with positive CDMA announcements throughout the year to the $40 level. The big run up will be delayed about 6 months, meaning 1997 will be the year CDMA takes the lead in the wireless field. Good luck to all!

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