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To: Voltaire who wrote (18815)	5/15/2000 1:22:00 AM
From: Ruffian	Respond to of 35685

A new research report has just been published by Banc of America Securities LLC: QUALCOMM INCORPORATED (QCOM $97.31) - Positive Comments from CFO; Globalstar risk quantified; Buy. By Mark A. McKechnie Qualcomm CFO Tony Thornley delivered an up-beat presentation at our Growth Stock Conference in London this morning. The meeting confirmed our view that March was the bottom for Qualcomm's chipset business: 1. Company on-track to meet our estimated 14.5 million chipsets for June, up from 11.2 million in March. We also expect strong sequential growth in September ahead of the seasonally strong December. Recall that March was weak because of channel inventory and product transitions. 2. Management expects "flattish" chipset ASPs in the second half of the calendar year because of added features. This compares with down 15-20% historic declines, and our estimate of down 10-15%. The stabilization is because of added features including Bluetooth, MP3, and GPS location functionality from the SnapTrak acquisition. 3. Look for Japan announcement on "3G" on May 12th. Company is optimistic that wireless carriers DDI and IDO will reverse its "3G" decision from W-CDMA to cdma2000 in its spectrum application. This would be positive for Qualcomm because they are better positioned in cdma2000 than W-CDMA (see our 2001 piece). 4. Globalstar risk "bounded". Qualcomm estimates about 10% of revenue and $0.10 EPS exposure for FY01 for both contract services and handset sales to the Globalstar satellite venture. The company also has about $650 million balance sheet exposure to the venture. Globalstar is clearly not ramping as fast as expected, but Qualcomm remains cautiously optimistic. The outcome of Globalstar is uncertain, and not for us to call, this is solely to make the market aware of the exposure. We remain comfortable with our estimates for FY00 and FY01, even in a disaster scenario, because of upside potential from Qualcomm's core chipset and royalty business. Maintain Buy and $165 price target. We are bullish on fundamentals for CDMA and Qualcomms dominant position over the standard. We believe that inventory issues at Korean customers are resolved and March was the bottom. We would look for weakness on fears surrounding Globalstar as a buying opportunity. To access the report simply click on the attachment below: <<QCOM 05-11-00.pdf>>

To: Voltaire who wrote (18815)	5/15/2000 10:40:00 AM
From: pariv	Read Replies (2) \| Respond to of 35685

Voltaire, Just wanted to say thanks to you and most of the board for the inspiration over the past few weeks in this rocky market. I have been lurking around since the board started and/or during the first great QCOM run. I am new but I really like this investing game. Ya' know, the feelings I get are the same as I get watching my golf ball! Highs and lows! The winners don't necessarily hit the most pretty shots they must make the best out of the bad stuff and try like hell to stay away from the really awful stuff! Thanks for everything, I would like to hang around for awhile. Chris