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

To: A.L. Reagan who wrote (11805)	6/7/2000 10:54:00 PM
From: Keith Feral	Read Replies (2) \| Respond to of 13582

Personally, I think the reason that the Q faltered was not because of a fear of WCMDA. Rather, I think NOK has been trying to put fear in system operators by saying that 3G WCDMA would not be available for 3 years. Ironically,the WCMDA camp injured QCOM's share price by projecting that 3G technologies would not be available for 3 years. Honestly, I have never witnessed such a successful sacking of a market leader by having the competion come out and say they would not be ready for another 3 years. Nonetheless, people began to question QCOM's future cash flows from 3G. PW's analyst made some good points on this issue. He argued that QCOM would benefit more if WCDMA came to market before 2003 because it would reduce the uncertainty of QCOM's royalties stemming from the conversion of GSM to CDMA.

To: A.L. Reagan who wrote (11805)	6/8/2000 1:17:00 AM
From: cfoe	Read Replies (3) \| Respond to of 13582

Addenda: Do you believe the recent share weakness is because WCDMA will rule and QCOM won't participate? Bux, in relooking at your above query, I would say yes to a portion of the weakness if in the question there were inserted the phrase "of ungrounded fears" between "because" and "WCDMA." Anecdotal evidence of same. My broker (with CIBC World Markets in NYC) where I hold most of my QCOM stock asked me late last week to explain the QCOM situation to him. He participates in a hedge fund and he said they were thinking to buy in at these levels. Early in my response I said that CDMA and WCDMA is all or mostly all QCOM and his response was surprise! He is not some unsophisticated investor and he has watched my holdings of QCOM grow rather substantially (even including this "temporary" downturn). This little incident confirmed to me that unless one is following the QCOM story closely it is easy to be misled. This is not to say that QCOM and the stock have no risks. However, these risks do not include the fundamental technology that makes all flavors of CDMA work belonging to someone other than QCOM.