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

To: carranza2 who wrote (121065)	6/27/2002 9:52:23 PM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 152472

Re: KR viewpoints: The best information I can find suggests that the market will not reflect GDP growth because, though corporate profits will improve, the current price-earnings ratios are still higher than historic averages. This means that earnings growth would not lead to a corresponding increase in stock prices. Greenspan and the Fed will eventually increase interest rates in response to the excess of government spending over revenues. The fiscal stimulus caused by the current level of government spending is probably sufficient to counteract any dampening effect of modest increases in interest rates. Any interest rate increases would actually help companies like QUALCOMM which have little or no debt. But companies that are already hurting with too much debt and with need to continually refinance would be in deep doo doo. Bottom line for both of us is that a company with no debt and a huge patent portfolio is in good shape to expand, no matter what happens to interest rates. I also believe that consumer savings, which are essentially the difference between personal income and consumption, do not take into account at least some of the funds going into retirement accounts. Art