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

To: cfoe who wrote (94139)	2/22/2001 8:10:55 AM
From: Keith Feral	Read Replies (3) \| Respond to of 152472

The PE on QCOM's trailing 4 quarters is higher than the pro forma numbers due to the G* writeoffs last quarter. On a side note, I read a totally insane suggestion that wireless carriers have no money to build WCDMA in Europe. It is irresponsible for QCOM shareholders to create a shroud of hatred and contempt for WCDMA. Didn't QCOM just announce a multimode chip that handles CDMA, WCDMA, GSM, GPRS, and AMPS? QCOM is doing all they can to embrace WCDMA since they first announced their WCDMA chip design last fall. Q is going to win the 3G race because the distinction between CDMA2000 and WCDMA has been eliminated. The days of saying that WCDMA is vaporware are over. It doesn't matter if you go with CDMA2000 or WCDMA. The multimode chips will give you the same set of solutions. With all due respect, most of the mean spirited attacks on WCDMA were blatant admissions that no one had sufficient resources to make WCDMA work. QCOM and others never planned to fail on the opportunity to carve out market share. WCDMA is the essence of Paine Webber's price target of $1000 (pre split). $250 looks pretty good to me from $70. We are getting pretty close to witnessing the commercialization of the WCDMA market. This real momentum should push QCOM's share price in the direction of Piecyk's price target, which seems more believable to me today than it did when he published the report. Companies like VOD did not casually spend $50 billion euros to simply walk away from UMTS in Britain or Germany. UMTS or WCDMA is going to be Europe's wireless standard. Now they have all the advantages of CDMA2000. Now is the time to really enjoy the benefits of global disruption of GSM service to WCDMA service. From this point forward, QCOM's cash flow from this transition should accelerate very aggressively.