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

To: Eric L who wrote (119315)	5/25/2002 11:59:44 AM
From: limtex	Read Replies (1) \| Respond to of 152472

EL - On Dec 6th Q was around $55 - $63 range. Even marginmike thought that $55 was a buy and $60 something was a sell. As the market collapsed due originally to the Radio Shack slowing handset report Q collapsed from the above level to a low of $25. And then come all the price targets at $48 or $40 or $35 etc. Seems to me that since Q4 01 Q's propsects have only improved. W-CDMA is going to be opened in parts of Europe in the fall and the royalties and maybe even the chip sales are on their way. What a difference from Decmber. Best, L

To: Eric L who wrote (119315)	5/25/2002 1:48:06 PM
From: kech	Respond to of 152472

Hoffman on Inventory - "Extended comments on channel inventories". The question to me is whether this supposed caution on inventories is providing an appearance of due diligence when the negative outcome is already determined. It is amazing to me that when Sprint talks about 12-15 new 1x phone models that is is going to push with its 1X launch and Verizon as well, that Hoffman can get upset about an extra four weeks of inventory in the channel. He even acknowledges that all these phones are coming on line, but then says he doesn't think there will be much take up of 1X. That is his opinion, he is entitled to it, but to couch it as an "inventory problem", when each new model has to get stockpiled, dispersed around to all the Radio Shacks in the country, seems like a short masquerading caution to me. I would be much more upset if there was not all these chipsets out there ready to support a powerful launch to end users. And by the way, the "inventory" includes chips at OEMS and on service provider shelves installed in unsold phones. This is a bit different than even the "channel inventory" problem people usually talk about as an inventory problem. The service provider and the OEM may even have paid for the chips and they are still considered as inventory in this analysis. And if Verizon and Sprint are bullish enough to put in orders for all these phones, I don't see why one would want to second guess them. Of course the rollout has to be successful before they order more, but then put the uncertainty on the success of the roll-out, which Q has done, not on the inventory problem. By the way, I assure you that Sprint at least is ecstatic about all the new phone models they will be rolling out soon.