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To: Eric L who wrote (270)	7/25/2002 10:39:12 PM
From: Uncle Frank	Respond to of 562

"Most people on the Street were looking for a good June quarter. They provided it," said Matthew Hoffman, analyst with SoundView Technology. Not everybody thought Q would do well, witness this downgrade from UBS this morning: 8:17AM Qualcomm downgraded by UBS (QCOM) 29.10: UBS Warburg downgrades stock this morning (not Deutsche) to HOLD from Buy. Firm reducing FY03 pro forma est to $1.05 from $1.11 reflecting lower industry demand of 82 mln units versus prior est of 86 mln. Believes that concerns over lower than expected industry volume could contribute to limiting upside in the shares. Firm's new price target is $32.

To: Eric L who wrote (270)	7/26/2002 2:11:52 AM
From: Uncle Frank	Read Replies (1) \| Respond to of 562

From Jon Koplik's post of a WSJ article: In Japan, NTT DoCoMo Inc. has launched a 3G service based on WCDMA, but demand has been very slow, partly because the handsets are more expensive and have less battery life than standard mobile phones. At the same time, a 3G service launched by DoCoMo's rival, KDDI Corp., using CDMA 2000 technology has been gaining customers at a rapid pace. That is ominous for Ericsson and Nokia, who are leaders in the WCDMA market, but trail rivals in the CDMA 2000 market. Message 17797192 Could it be that Dr. J's assessment and the Q-tip's expectations for cdma winning over wcdma are being realized? Slowly of course.