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

To: JGoren who wrote (39964)	9/7/1999 3:10:00 PM
From: Wyätt Gwyön	Respond to of 152472

ANALYSIS-Vodafone/Bell tie excites despite hurdles By Richard Meares LONDON, Sept 7 - It might make perfect business sense for Vodafone (LSE: VOD.L - news) and Bell Atlantic to merge their U.S. mobile telephone networks, but that doesn't mean they will do it. Analysts say the resultant U.S.-wide service, turning their respective western and eastern networks into a truly national operation, would be worth more than the sum of its parts. But the companies could still fail to do a deal because of disagreements over how much their businesses are each worth and who should be in the driving seat. "I am still more inclined to think it won't come off. It is about two different management views -- you could call it pride if you want," said one analyst on Tuesday who declined to be named. He put the chances of a deal at under 50 percent but above the 20 to 30 percent mentioned to analysts by Vodafone Airtouch Plc Chief Executive Chris Gent. Gent, who one analyst said had flown to the United States to see Bell Atlantic Inc , confirmed the talks on Monday after his comments to analysts on Friday seeped into the media. Vodafone's network, acquired when it bought Airtouch in January under Bell's nose for $62 billion, covers 25 western states and Bell covers 24 in the east, with little overlap. The logic of a deal is clear and hopes that it might work out have buoyed Vodafone shares. They climbed 87 pence on Friday and Monday to 12.90 pounds, but slipped back 26 pence by 1230 GMT on Tuesday. To compete with national operators such as Sprint Corp and AT&T Corp , both companies need to spread their wings as quickly as they can. "It's the best option for both of them," said Jim McCafferty of SG Securities. He said Vodafone's stated alternatives, of trying to buy takeover target Omnipoint or licence holder Nextwave which has filed for bankruptcy, would take the world's biggest cellphone company much longer. "They would forego decent growth until 2001. It is best for them to buy an existing network," he said. Similarly, Bell would miss out on much of an expected 15 percent growth in the U.S. market in the next two years if it expands more slowly via its acquisition of GTE Corp. . A Vodafone/Bell deal would secure access to 42 of the 50 U.S. cellphone markets. Sprint already has 49 and AT&T 45. But they would have to get over acrimony caused by their tussle for Airtouch to reach a deal, with most analysts tipping a straight 50-50 joint venture as the target structure. A key problem would be to sort out how much each company's network was worth. Bell's is bigger, offering access to 20 million subscribers, but Gent told analysts Vodafone customers were more profitable. Future suscriber projections might have to be factored in. To agree a 50-50 venture, Vodafone might have to pay cash into the new company or directly to Bell, said one analyst who valued the British company's U.S. network at some $30 billion. "The combined entity could be extremely powerful in the U.S.," he added, but warned neither company might be willing to cede enough management control to get the deal off the ground. If they did, the London-based analysts said Vodafone, the bigger and more experienced global cellphone operator, would be the obvious choice to call the shots. "Vodafone will get what they want in the U.S. one way or another; this way they just get it quicker," said Kevin Lapwood of CCF Charterhouse. "Bell are not in such a strong position, so doing a deal with Vodafone is more advantageous for them at this stage."

To: JGoren who wrote (39964)	9/7/1999 3:25:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 152472

hardly a deep comment but QCOM is showing surprisingly above average volume during this construction of a bottom.. several days in a row with no appreciation, little depreciation, bouncing around on good volume... we have a change in ownership in progress, clear as a bonnie day speaking of which... what about a follower of technology who harbors genuine lust for 19-yr old American girls?... a survey of either their phones or desires would be welcome / dirty old Celt