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

To: engineer who wrote (73958)	6/15/2000 12:56:00 PM
From: CRay33	Read Replies (3) \| Respond to of 152472

Snyder's target for QCOM was 110 in January when his 2000 eps estimate was $.97. Now, his target is 50, while his 2000 number is $1.07!! Earnings estimate from January to now go up .10, yet his target is less than half?! What smells here? H&Q is losing credibility fast. _______________ Chase H&Q issued a Daily Notes Report on January 26, 2000 for QUALCOMM Inc.. On January 26, 2000 Chase H&Q analyst Ed Snyder issued a 6 page Daily Notes Report on QUALCOMM Inc. Report highlights: 'The fiscal 2000 EPS estimate was lowered to $0.96 from $0.97 to reflect weak demand. The company reported 1Q00 EPS of $0.25. A MARKET PERFORM rating was reiterated with a price target of $110.'

To: engineer who wrote (73958)	6/15/2000 1:07:00 PM
From: waverider	Read Replies (1) \| Respond to of 152472

Thursday, June 15 "SHARES OF QUALCOMM (QCOM) WERE UNDER PRESSURE YESTERDAY AFTER THE CFO SPOKE AT A BEAR STEARNS CONFERENCE. THE ISSUE OF SOUTH KOREA ELIMINATING HANDSET SUBSIDIES IS OLD NEWS. IN FACT, DESPITE THE DISCONTINUATION OF SUBSIDIES, WHICH COULD PRODUCE SOME TEMPORARY SOFTNESS, THE ECONOMY IN KOREA IS MUCH STRONGER THAN A COUPLE OF YEARS AGO AND THERE IS MORE DISPOSABLE INCOME AVAILABLE. ALSO, THE STRENGTH IN CDMA WORLDWIDE COULD ALSO OFFSET ANY TEMPORARY WEAKNESS IN KOREA.. OF MORE CONCERN WAS THE IMPACT OF GLOBALSTAR (GSTRF) ON QCOM'S EARNINGS. WE HAVE DO NOT HAVE ANY REVENUES FROM GSTRF IN OUR MODELS AND MAINTAIN OUR 2001 EPS OF $1.45. WHAT APPEARS TO HAVE CONFUSED INVESTORS WAS WHEN THE CFO OF QCOM SAID THAT SHOULD GSTRF'S BUSINESS PICK UP, THERE COULD BE A $0.10 IMPACT TO EARNINGS. THE $0.10 THE CFO WAS REFERRING TO WAS POSSIBLE EARNINGS UPSIDE AND NOT A POTENTIAL $0.10 SHORTFALL. FINALLY, THE TIMING OF CDMA IN CHINA HAS ALWAYS BEEN A QUESTION MARK DUE TO THE COMPLEX CONTEXT OF THAT MARKET. AGAIN, CHINA IS ALSO NOT IN OUR NUMBERS. WE REITERATE, OUR UNCHANGED 2001 EPS ESTIMATE OF $1.45 AND WOULD BE BUYERS ON THE WEAKNESS FOR AGGRESSIVE INVESTORS." ANDREW BARRETT, MARK FENTON, JAMES CHOI, ANDREW ST. PIERRE TECH/TELCO, STRATEGY - SALOMON SMITH BARNEY