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To: Uncle Frank who wrote (7250)	9/30/1999 11:43:00 AM
From: Eric Jacobson	Read Replies (1) \| Respond to of 54805

>>Re LWIN/Russia, a 50M write off comes to >.30/sh., and yet Q still says they will meet or beat the analysts' consensus of .88. This means Q's proforma earnings could be as high as 1.18. Since valuations are based on forward looking projections, shouldn't this have positive implications?<< UF, I think you misunderstood what they said. What they're saying is that excluding the one-time charge, they will meet or exceed the $0.88 estimate. Here's the direct quote: Regardless of the expected one-time write down in the fourth fiscal quarter of 1999, Qualcomm said fourth quarter earnings, excluding non-recurring charges, will meet or exceed First Call's consensus estimates of 88 cents per share.