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

To: Art Bechhoefer who wrote (121987)	7/23/2002 3:07:39 PM
From: Eric L	Read Replies (1) \| Respond to of 152472

re: QCOM - Comparative Valuation & Analyst Recommendations Interesting screen: >> Top 10 Most Recommended Telecommunications Stocks 2002-07-23 The editorial staff Multex Investor Using NetScreen Pro, the professional version of Multex Investor's Net Screen, we screened for the most recommended telecom stocks with significant analyst coverage (at least 5 in the current quarter), with more than 5 "strong buy" recommendations, and with an average analyst rating of better than 2 ("buy"). The result is then sorted according to the highest average recommendation and by valuation. Valuation Comparisons: (1) (2) (3) (4) (5) Price Price Market TTM Cash Range Cap Cash Flow Flow Crown Cstle (CCI) $3.10 $2.90 $0.68 -$0.28 -$0.09 to $12.55 L-3 Comm. (LLL) $43.07 $30.35 $4.03 2.52 2.44 to $66.78 Citizens (CZN) $7.49 $6.99 $2.11 2.07 2.08 to $13.10 CenturyTel (CTL) $24.86 $24.85 $3.51 5.66 5.73 to $36.50 QUALCOMM (QCOM) $29.99 $24.24 $23.08 0.36 -0.28 to $68.87 1. Closing prices as of July 5, 2002 2. 12-month range of low and high closing prices 3. Market capitalization in billions 4. Price-to-cash flow ratio per share for the trailing 12 months 5. Annual price-to-cash flow ratio per share Analyst Recommendations: (6) (7) (9) (8) Company Analysts Rec. Strong Buy Buy Crown Cstle (CCI) 13 1.61 9 7 L-3 Comm. (LLL) 12 1.79 6 5 Citizens (CZN) 13 1.81 8 5 CenturyTel (CTL) 21 1.86 9 7 QUALCOMM (QCOM) 23 1.88 10 8 6. Number of analysts providing earnings estimates in the current year. 7. Analysts' consensus average recommendation where "1" equals "strong buy" 8. Number of analysts that have issued a "strong buy" on the stock. 9. Number of analysts that have issued a "buy" on the stock <<< ### - Eric -

To: Art Bechhoefer who wrote (121987)	7/23/2002 9:06:15 PM
From: Maurice Winn	Read Replies (2) \| Respond to of 152472

Art, it does seem unfair that crazies in Worldcom, Global Crossing can overbuild capacity and result in a price war which brings down the more prudent, but that's life in the fast lane and in businesses where overcapacity exists. The truly prudent saw the irrational exuberance in telecoms and bailed out years ago. It's creditor versus creditor now and even those with no creditors should expect to suffer in a capacity war. The oil industry in the 1980s had a great excess of refining capacity and shutdowns were a fact of life. Each tried to be the last one standing, so it can be a long and suffering battle while operating costs gradually eat away the weaker ones. In telecoms, it's not so much a matter of shutting capacity as lowering the price to fill the capacity. With no [or near zero] cost of supplying service, it makes sense to cut prices to fill capacity rather than shutting capacity. Mqurice