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

To: Ruffian who wrote (10014)	5/12/2000 11:51:00 AM
From: LBstocks	Respond to of 13582

Alex Cena's comments on DDI decision: CDMA2000 is DDI's Final Decision; Big Psychological Positive Qualcomm Inc(QCOM)* Rating: 1H Salomon Smith Barney ~ May 12, 2000 05/12/00 QUALCOMM, Inc. (QCOM $99.31,1-H,Tgt $200.00) Alex M. Cena --SUMMARY:--QUALCOMM, Inc.--Telecommunications Equipment * DDI, the third largest cell phone operator in Japan, made its final decision on 3G choosing to adopt the CDMA2000 standard. * This is a big psychological positive for Qualcomm as the financial impact is neutral whether operators choose CDMA2000 or W-CDMA as it receives royalties from both standards. * Motorola (MOT-$92-2M) is likely to remain the prime network supplier to DDI. * We believe more positive news flow for QCOM is forthcoming as additional 3G decisions and licensing agreements are made. Currently, less than 20% of QCOM's 80 licensees have fully extended licenses 05/12/00 QUALCOMM, Inc. (QCOM $99.31,1-H,Tgt $200.00) Alex M. Cena --EARNINGS PER SHARE-------------------------------------------------------- FYE 1 Qtr 2 Qtr 3 Qtr 4 Qtr Year Actual 09/99 EPS $0.08A $0.10A $0.19A $0.23A $0.62A Previous 09/00 EPS $0.26A $0.26A $0.27E $0.31E $1.10E Current 09/00 EPS $0.26A $0.26A $0.27E $0.31E $1.10E Previous 09/01 EPS $N/A $N/A $N/A $N/A $1.45E Current 09/01 EPS $N/A $N/A $N/A $N/A $1.45E Previous 09/02 EPS $N/A $N/A $N/A $N/A $N/A Current 09/02 EPS $N/A $N/A $N/A $N/A $N/A Footnotes: 05/12/00 QUALCOMM, Inc. (QCOM $99.31,1-H,Tgt $200.00) Alex M. Cena --FUNDAMENTALS-------------------------------------------------------------- Current Rank........:1H Prior:No Change Price (05/11/00)....:$99.31 P/E Ratio 09/00.....:90.3x Target Price..:$200.00 Prior:No Change P/E Ratio 09/01.....:68.5x Proj.5yr EPS Grth...:0.0% Return on Eqty 99...:96.4% Book Value/Shr(00)..:4.00 LT Debt-to-Capital(a)0% Dividend............:$N/A Revenue (00)........:2986.30mil Yield...............:N/A% Shares Outstanding..:801.3mil Convertible.........:No Mkt. Capitalization.:79577.1mil Hedge Clause(s).....: Comments............:(a) Data as of the most recently reported quarter. Comments............: 05/12/00 QUALCOMM, Inc. (QCOM $99.31,1-H,Tgt $200.00)