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Technology Stocks : Nokia Corp. (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: Eric L who wrote (1008)	7/26/2001 3:51:42 PM
From: A.L. Reagan	Read Replies (1) \| Respond to of 9255

We currently expect only a couple million subscribers per year in the first few years, which should generate a few incremental cents per year for Qualcomm's EPS. Calling this bearish is an understatement. I will continue to take the other side of this bet. we believe that Nokia may continue to aggressively target new growth opportunities as operators in China seek to upgrade/expand their GSM/GPRS networks. In general, we are encouraged that Nokia is able to generate operating margins in its handset and infrastructure businesses broadly in line with divisional averages. Makes sense, especially given Unicom's stated timetable to upgrade its new CDMA network to 1X provides a competitive impetus to get GPRS rolled out. Anybody have a clue as to the general status of browser and content development for PRC mobiles? I would think there would be some government oversight of this, which might not auger for rapid development of free and easy access to rich content, thus perhaps lagging the PRC versus "Western" countries in terms of take-up rates on GPRS and 1X. Of course there is that little issue of per capita personal income at the marginal subscriber that, outside of big cities, indicates that voice will be the sole sine qua non for some time.