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

To: Jim Willie CB who wrote (40687)	9/13/1999 4:37:00 PM
From: Ruffian	Read Replies (2) \| Respond to of 152472

WSJ> September 13, 1999 Qualcomm Dn-2: Co Withdrew From SG Cowen Conference NEW YORK -- Qualcomm Inc.'s (QCOM) last-minute withdrawal from SG Cowen's fall technology conference Monday sent its shares down 6.8%. "We had to pull out of the Cowen conference this morning," a company spokesman said, citing "scheduling conflicts" with its own analysts' conference set for Wednesday. The spokesman declined to comment on why Qualcomm pulled out of the conference on the day they were scheduled to present, rather than a month ago, when the Qualcomm conference was announced. Analysts attributed the declining share price to Qualcomm's withdrawal. "This could be very negative," said analyst Ed Snyder of Hambrecht & Quist Inc., postulating that in one scenario, "what they have to say about the company isn't positive and they want to wait until Wednesday's analyst meeting and dump it all out there." He said possible bad news could be related to the company's admission two weeks ago that handset prices were quickly falling and margins weren't improving as much as expected. But he also pointed to a "bull side of the story that they will announce the sale of their handset division, in which case the stock will definitely trade up in the short term." Handset sales account for 45% of Qualcomm's revenue, Snyder said, but are not profitable. While selling the handset division would be a good short-term fix, Snyder said, "in the long term, they have other problems with market share." He thought the negative scenario more likely. Analyst Gregory Geiling of J.P. Morgan, on the other hand, expects Qualcomm's Wednesday conference to bring good news, "given the recent fundamentals of their business." He has a rating of buy on Qualcomm, with a 12-month price target of $205. Qualcomm shares were recently trading at 154 1/16, down 11 5/8 or 7%, on volume of 8.2 million shares, compared with an average daily volume of 4.6 million shares. - Christine Nuzum; 201-938-5172

To: Jim Willie CB who wrote (40687)	9/13/1999 5:03:00 PM
From: Keith Feral	Read Replies (2) \| Respond to of 152472

Jim: H & Q was behind the "negative" comments on QCOM today. Apparently, they are backing some hedge funds which are short the stock. I read some of the comments offered by Ed Snyder, one of the analysts at H & Q. He pointed out the only spot of good news would be the sale of the handset division which "was not making money". You can forget about all of the absurd comments that Marc Cabi ever made - this guy is a total moron. I do not pretend to have any idea why Sulpizio could not make the meeting. I am quite certain that his absense was not an harbinger of negative news on Wed. I would like to believe that QCOM mgmt. is putting the finishing touches on some licensing agreements with NOK, ERICY, SIEMENS, ALA, PHG, and all the other Euro telecom co's that lack CDMA licenses. We'll find out on Wednesday morning. The meeting starts at 8:30 and concludes around 2:00. Jacobs will be speaking at 9:00.