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

To: A.L. Reagan who wrote (111514)	1/24/2002 5:17:18 PM
From: golfinvestor	Read Replies (1) \| Respond to of 152472

<The pot of gold for QCOM is always juuuust over the next hill...> Cheer up, it's only a hill, not the 3G mountain NOK will be climbing. <g>

To: A.L. Reagan who wrote (111514)	1/24/2002 5:19:37 PM
From: Keith Feral	Read Replies (2) \| Respond to of 152472

How can these results surprise you, based on the negative revisions. I did not believe the analyst revisions were correct based on fears that US sales were slowing. The real cause for revisions were the exclusion of income from investments for next year, due to the changes in accounting. I think it sucks that Qualcomm cannot include income from investments after 2 years of write-offs that have drained EPS results. To exclude investment income at the point that the inventory overhang has been lifted seems an over-reaction. Common sense will prevail as the exclusion of these results are ingnored. The clean up is in place with only $5 million in charges for the quarter. Qualcomm has a clean slate going forward. In fact, the silver lining to 2002 guidance is the sequential growth from December to March. I am glad they did not project declining revenues for this quarter. It is an excellent indication that the pipleline for international sales is offsetting the transition from CDMAONE to CDMA2000 in the US. I guess the one thing that really has become apparent to me is that CDMA has really just begun. If everyone forgot about we all have been in this stock, the fundamentals for the transition from 2G voice to 3G voice and 3G data will be recognized not only for existing CDMA markets but the conversion of GSM markets. CDMA2000, CDMA2000 Rev 1, CDMA2000 1XEV, 1XEV Phase 2 will provide product upgrades and new services for the next 4 years. In the GSM upgrade pathway, GPRS is in place for a data bridge to new spectrum in which WCDMA will be installed. The asynchronous base stations can be gradually synchronized in any way that operators see fit. Qualcomm will collect the royalties and sell the chipsets for the handsets. We'll see what they do with the CSM chipsets. However, if they are talking about synchronous base stations, I think they have the goods to deliver the infrastructure chips as well.