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

To: Kayaker who wrote (101248)	7/4/2001 1:12:12 PM
From: Ibexx	Read Replies (1) \| Respond to of 152472

This year, the pattern may not be as clearly discernible as before, as the massive shorts accounts will continue to unwind...hopefully. I expect a shallower trough this summer, if there is one, and true dip would come after mid September. JMTC, Ibexx

To: Kayaker who wrote (101248)	7/5/2001 1:26:33 PM
From: Kayaker	Read Replies (1) \| Respond to of 152472

First Union QUALCOMM management confirmed to us that as part of the agreement Nokia has provided Qualcomm royalty free access to Nokia’s GSM and GPRS IP for incorporation into future QUALCOMM multi-mode 3G CDMA chipsets..... Of particular interest to us is that Nokia apparently has granted Qualcomm a royalty free cross-license to access Nokia’s GSM, and GPRS technologies for incorporation into multi-mode CDMA chipsets. Access to GSM technology was required for Qualcomm to begin commercially shipping WCDMA chipsets. The fact that Qualcomm has gained access to GSM without a royalty burden is significant. Additionally this portion of the agreement will allow Qualcomm to market multi-mode and multi-network chipsets that could allow roaming between CDMA and GSM networks. We believe this announcement could cause postponement or cancellation of Qualcomm’s spin-off of its chipset business (Spinco). One of the main drivers for the spinning-off of the chipset business was to prevent dilution of future royalty revenues to Qualcomm. This was to be accomplished by Spinco getting a portion of the CDMA patent portfolio to use as a cross-licensing bargaining chip to gain access to GSM IPR. In doing so, Qualcomm would not be pressured to take a lower royalty rate on 3G CDMA in return for access to GSM IPR. However, with this announcement it seems that Qualcomm has gained royalty free access to the GSM IPR it needs. While we have no evidence of the cancellation of Spinco, this announcement leads us to believe that a spin-off may no longer be necessary. investor.cnet.com