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

To: golfinvestor who wrote (99350)	5/17/2001 2:43:39 PM
From: Ruffian	Respond to of 152472

Qualcomm Inc. Reiterated `Strong Buy' at Wells Fargo Van Kasper By Michael O. Donohue Princeton, New Jersey, May 16 (Bloomberg Data) -- Qualcomm Inc. (QCOM US) was reiterated ``strong buy'' by analyst James W Reynolds at Wells Fargo Van Kasper. The 12-month target price is $100.00 per share.

To: golfinvestor who wrote (99350)	5/17/2001 3:12:10 PM
From: Jacob Snyder	Respond to of 152472

In the long run (time frame of at least 5 years), I'd agree that Q is an excellent investment. That's why I've been following the company, and looking (unsucessfully, so far) for a buy-in price. Maybe AMAT, CSCO, EMC, JDSU come close. On a time-frame of 12 months or less, I think cash will outperform QCOM. I'm making the bet that I will get a better price to buy back in, sometime in 2001 or 2002. I realize it's a bet I may lose. But, if I lose, I lose opportunity, not money. Since the Nas top, investors have temporarily kept various stocks in various sectors at high PEs, based on the belief that their superior technology will make them immune to macro or sector events. "People need this, so it will be bought no matter what's happening with the overall economy". One by one, every one of those hopes has turned out to be false hope. CSCO, EMC, NTAP, etc., etc. The list of "immune" stocks, who haven't had to radically cut forward earnings expectations, is now a very short list. QCOM, JNPR, IBM.........that's about it. It's just a matter of time. Since I see a recession coming, I think every tech with a market cap over 5B is going to reach a PE under 30 (and many of them, a lot lower), sometime in the next 18 months. That's using trailing 12M earnings, (a valuation method which is going to come back into fashion). The market just won't give anything higher valuations than that. It's going to be a great opportunity, even better than October 1998 (the last time I loaded up on techs). But in order to take advantage of that opportunity, an investor has to go into it holding cash. That's why I'm selling today.