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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: abstract who wrote (6861)	10/10/2000 11:26:18 AM
From: T L Comiskey	Read Replies (2) \| Respond to of 65232

I hate it when IM WRONG......<g> Following is borrowed from the Q thread...thx to Caxton Rhodes Tim Luke excerpts from a report today on Wireless QUALCOMM: Remains Poised to Benefit from Rapid Expansion in Global Markets, Reiterate 1 Buy We believe QUALCOMM will report a solid fiscal year 2000 in October earnings in line with consensus expectations. We look for earnings for the September quarter to be $0.24 and $1.02 for the full year, with weak chipset sales of approximately 12.0-12.5 million partially offset by strong licensing revenues and lower expenses. We estimate QUALCOMM will report approximately $660 million and $2.8 billion in revenues for the fiscal fourth quarter and full year, respectively. While conditions in the Korean market have continued to create a challenging environment for chipset sales, we are encouraged that the number of new subscribers increased in September to 25.97 million, up from 25.83 million in August. This is the first uptick in subscriber growth since the subsidy ban was enacted in May. While Korean subscriber growth is likely to remain lackluster, a strong flow of 3G licensing deals should give QUALCOMM increased visibility into its fourth quarter results. We believe that QUALCOMM is currently on track to reach our December quarter EPS estimate of $0.28. Looking into 2001, we believe that QUALCOMM will remain well-positioned as the dominant chipset supplier in the CDMA arena. We maintain that our revenue and EPS estimates of $4.1 billion and $1.30-$1.35 remain conservative as QUALCOMM continues to benefit from the rapid expansion of global markets and the 3G evolution. We note that 1x cdma2000 rollout in Korea is already on track, following its launch last week by SK Telecom. Looking forward, we see a number of positive catalysts for the company. In addition to possible announcements on W-CDMA chipsets over the next several weeks, we believe that QUALCOMM may be able to report progress on CDMA in China with China Unicom/Great Wall potentially making a decision on CDMA deployments by as early as 4Q00. Also, the company is on track to sign several additional 3G licensees over the next several months, with the company continuing to make progress in its discussions with Nokia. We also believe that while SK Tel is likely to select W-CDMA for its 3G standard, rival operators LG and KT Freetel may favor cdma2000 when 3G decisions are announced in November.