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

To: Kayaker who wrote (85)	7/23/1999 10:13:00 PM
From: idler	Read Replies (5) \| Respond to of 13582

does anyone care to do a point-by-point response to the H&Q analysis? I have read that H&Q "has it in" for Q - for whatever reason - but I would like to see a response to the following points: (1) does Motorola really get "priority" with component vendors? (2) does H&Q have any real basis for asserting that Q will continue to lose share in the handset market? (3) is demand for ASICs really far below supply as H&Q asserts? (4) is phone production really "excess" resulting in ASP erosion? (when I can't seem to find a Thin-Phone anywhere, at least yet?) (5) what did they mean by saying Q "posted a sequential increase in royalty payments of just 13%" and using that for evidence of ASP erosion in the selling price for ASICs? (6) Is their estimate of "downward pressure on Q's royalty revenues" at all reasonable? (7) the 16% estimated long-term EPS growth rate seems way lower than anything else I've ever seen -- is this credible? (8) the ultimate valuation -- $82 - $102 range -- looks ridiculously low, based on a multiple of 38 x their FY 2000 estimate of $2.70 per share. In short, is H&G out of its mind or worth taking seriously? I would appreciate your comments. -- Idler.

To: Kayaker who wrote (85)	7/24/1999 1:19:00 PM
From: Kayaker	Respond to of 13582

Some helpful links to info from the Qualcomm site: ú General discussion of CDMA, including the benefits of CDMA, and other uses (eg. Omnitracs, Globalstar, WirelessKnowledge, Leap Wireless, etc.) qualcomm.com ú A list of CDMA Licensed Suppliers for Infrastructure Equipment, Test Equipment, ASICs, etc. (eg. the ASIC suppliers are DSP Communications, LSI Logic, PrarieComm, and VLSI Technology) qualcomm.com ú Answers to FAQs such as: ú What is cdmaOne?? ú Why is CDMA better? ú What is TDMA? qualcomm.com