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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Sig who wrote (38360)	8/20/1999 11:37:00 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

At $170/share its a lot of $$$. $2.55 bil, or $1 bil more than Dell shorts. Enough to make bears sweat bullets. That, plus the fact that QCOM has a market cap one-fourth that of Dell's, means that the relative short interest is very high. I believe it is down from something like 18 million shares in June. Still, relative short interest on QCOM seems higher than that of any other company with serious revenues and earnings. I can't help but think that part of it is due to the enormous P/E that comes up when you do a quick screen on the stock. While run-rate P/E remains sub-50, trailing P/E with one-times included is a massive 242 as per Yoohoo just now. Since the pro-forma earnings are only going to become "straight" this quarter for the first time, we will go from 35 cents to 86+++ in one quarter. Then it will take all of FY2000 to get a year's worth of them 86-plusses, so that people can click on Yahoo and get a "legit" trailing P/E around November of 2000. My guess is that relative short interest will be much lower a year from now.