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

To: engineer who wrote (120410)	6/14/2002 6:20:37 PM
From: limtex	Read Replies (2) \| Respond to of 152472

eng - I thought PCS made it clear that they are not short of cash. Experience from Korea is that there is a substantial increase in ARPU from 1X subscribers. But PCS simply has toget off the pot now and release 1X. They said July 15 th and there should lbe some serious move in that direction. The only hope the Europeans have is that PCS doesn't make it. The Great Telecom Game has now boiled down to twhat happens to the PCS 1X release. One can almost say that the future of global mobile is going to be decided in the next eight weeks or so. Meanwhile PCS is EBITDA positive to about $800m per qtr. That should be enough to keep the wolf at bay. Best, L

To: engineer who wrote (120410)	6/15/2002 10:10:39 AM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 152472

If you're saying that commercial credit at low interest rates is drying up, then I agree with you. But there are other alternatives. Many companies are using convertible preferred stocks or bonds. These instruments start out as liabilities (principal and interest and/or dividends make them liabilities) but when converted at some later date, they become equities. This is a strategy used by QUALCOMM in the past to prevent initial dilution of the stock and to get a low interest rate or dividend yield based on the likelihood of stock appreciation. Neither PCS nor LWIN are as bad off as their current stock prices would suggest. Remember that the Gabelli fund has been buying LWIN and that QCOM has always been ready to lend a hand to its offspring. Art