Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.07

-1.0%

3:59 PM EST

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To: bdog who wrote (18041)	11/9/1998 6:04:00 PM
From: Gregg Powers	Read Replies (2) of 152472

bdog: Glibness doesn't become you. Do you remember February of 1998? Do you think that the emerging markets crisis is over? Do you think it is prudent for a company to let external perceptions run ahead of internal realities so that traders can make a quick buck? Over the next several years, do you think that more shareholder value will be created if (a) the company consistently exceeds Street estimates and earnings expectations ratchet up as time progresses or (b) the company earns $3.00 for the year, but has to pull analysts' numbers down from $3.25-$3.50 due to various fundamental challenges? I am always amazed by people who expect businesses to run according to a spreadsheet model regardless of exogenous conditions. Let me assure you that it's certainly much easier to plug $1 billion into your spreadsheet than it is for the company to sell the corresponding amount of equipment. Wasn't it nice to see gross margins gap upwards? Wasn't it nice to see that QPE's manufacturing problems are a rapidly receding issue? Did you bother to adjust the reported $0.66 per share for the additional $4mm in Leap-related legal expenses that were included in SG&A...(worth another $0.04 per share)? Did you think about the implications of 20mm+ CDMA subscribers during FY99? Have you thought through the prospects for 3G and convergence? You make it sound like the company's merit as a organization rested on a bullish conference call. That's sad. Beyond this, I take strong exception to your "cognitive dissonance" comment as I find it insulting professionally and intellectually. If you don't want my opinion, don't ask for it. If you disagree, that's fine. But just because you lack the tools, perspective or interest to understand the fundamentals, don't impugn my judgment. Gregg

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