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To: Jill who wrote (3702)	7/13/1999 12:41:00 AM
From: Uncle Frank	Read Replies (1) \| Respond to of 54805

Jill, doesn't the following remark from GO*QCOM remind you of the dell thread in January? I've also attached my response: >> QUALCOMM for the GIANT that it will become is just beginning. Wall street index funds will soak this offering up, if not suck it up with all its might and who cares about four million shares in the long term there will be billions outstanding. That's the kind of statement I'd expect to hear on the Dell thread, and I should know; as a recovering dellhead, I made a lot of them. The bottom line is that the cash Q will gain from this transaction will come out of my pocket, and they didn't ask me or say thank you. Imo, when you start treating your trust in management as an article of faith, you are setting yourself up for a big fall. Neither business people nor corporations are benevolent; their job is to make money for themselves - stockholder profits are a secondary effect of their skill, and yes, ruthlessness, in doing their job. I think qcom owes its investors an explanation. I hope those of you that agree will press them to provide one. Frank

To: Jill who wrote (3702)	7/13/1999 12:46:00 AM
From: JRH	Read Replies (2) \| Respond to of 54805

Jill, Frank and Thread: I understand it could be seen as dilutive, but I think there's a strong possibility they'll have great earnings Maybe I am missing something here, but when has dilutive ever been good for the shareholders, even if it is only dilutive by a meager 3%? I am going to have to stand by my Uncle Frank on this one and am eager to hear their response. nd that along with S&P might cause a feeding frenzy, so they are preparing. Why do they need to issue more stock for a feeding frenzy to occur? If a frenzy is to occur, I would imagine that the stock would rise more with fewer shares outstanding! If they want more shares out there, they can split the stock. And the $600 million (or whatever) in cash that this potentially produces isn't enough to make any major purchases. BWDIK, Justin BTW: NTAP did have a secondary offering, but it was before they were added to the S&P 500. Downsouth, are you out there? Do you remember how the stock reacted to the offering? Thanks...