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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: engineer who wrote (79)	7/23/1999 10:27:00 AM
From: Ruffian	Respond to of 13582

Upgrade> July 23, 1999 Dow Jones Newswires AG Edwards Ups Qualcomm To Accumulate From Maintain No further information is available at this time. NEW YORK -- A.G. Edwards & Sons Inc. upgraded shares of Qualcomm Inc. (QCOM) to accumulate from maintain position and set a 12-month price target of 194 for the shares, a source at the firm said. The stock recently traded at 153, up 2 1/2, or 1.7%. Analyst David Heger increased his earnings estimates for the San Diego maker of wireless phone equipment to $2.37 from $2.12 for 1999 and to $3.81 from $2.77 for 2000. The fundamental outlook for the company and its technology is strong, the analysts believes. - Shawn Young; 201-938-5248 shawn.young@dowjones.com

To: engineer who wrote (79)	7/23/1999 4:21:00 PM
From: moat	Respond to of 13582

Someone suggested when thinking about this business, one should first think about Q's potential royalty stream. Do you agree? Why yes/no? Is this the best way to get our hands around the potential valuation of this business? (handsets, asic, etc are important, but isn't royalty the main driver of earnings, and p/e, going forward?) Royalty revenues from 94 to 98 were ($M): 29, 44, 100, 151, 214 and F99, Q1-3 were: 44, 77, 93 How sure are we that this royalty stream will grow big time? i.e. its IPR. What number (royalty $) do you see three years out?