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

To: golfinvestor who wrote (112590)	2/8/2002 2:08:48 PM
From: JGoren	Respond to of 152472

theflyonthewall.com says company coming out to defend. the original CFRA thing was not that negative, more like making fun of the company. I think this is a shorts attack. Here is Bear, Stearns response: There is a CFRA report hitting the stock today bringing up concerns of aggressive accounting at QCOM. I spoke to Wojtek: Clearly, as we have outlined in the past, Qualcomm (QCOM, Attractive, $37) has historically been aggressive with accounting (i.e. on a quarterly basis takes charges etc...) This is a very different situation than other accounting concerns in the market as those particular companies have questions about their access to capital and/or liquidity concerns. QCOM has significant amount of cash (over $2.5B in cash) ........and zero debt Although we do not like aggressive accounting - (CFRA indicated overstatement of $11MM rev), hence, even if its true - on a $2.7 B per year rev base in F01, $11MM is not a large percentage. Clearly this raises questions about the rest of the business, but we believe there is a strong value in the company and it is good value under $40 - here it discounts most bad news. Other concerns like family at the firm has been known. We tend to defend the company below $40.