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

To: Art Bechhoefer who wrote (110198)	1/4/2002 10:24:00 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

Art, This is a typical example of the use of stock buybacks, which rarely if ever occur after the stock has already appreciated check out MSFT, which buys back about $6BB a year of its own stock, after it has now appreciated however many hundreds/thousands of times. likewise, IBM continues to take on debt for stock buybacks, at a rate far in excess of its purchases at much lower levels a decade ago. I would reiterate, however, that, at a time when wireless is a rapidly growing and changing field, any dividend, even if it is in the form of return of capital, seems out of place. personally, i think QCOM has done all the capital "seeding" it needs to do to get the CDMA ball rolling, and i would like to see them return to core competencies and the high-margin business model upon which their valuation rests. i just commented on the agency-cost issue in some detail on the NOK thread #reply-16861459