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To: LLCF who wrote (39653)	11/21/2000 11:17:18 AM
From: marginmike	Read Replies (2) \| Respond to of 436258

LLCF I agree on many of your points, but I believe that the switch from one network to CDMA is already priced in the stock. If ATT goes GSM it could be considered very negative as well. I would not be short Q but I wouldnt bet on it doubling overnite. The Mania is over. If Qcom can maintain its growth it should be a good solid stock to own. It should appreciate 20-30% a year with its growth raste. However do not forget that if we have a strong recession Cell phone sales will slow, the migration to 3G will be delayed, and many operators will make do with what they have. As Irwin has said the longer 3G is put off the worse it is for Qcom. Qcom cannot fight the trend in a recession. i think it should hold up much better because of real earnings groeth, but at 87 today its probably a litlle overvalued.