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

To: dougjn who wrote (6429)	12/14/1997 3:59:00 PM
From: SKIP PAUL	Read Replies (1) \| Respond to of 152472

<Royalties, essentially all of wich fall straight to bottom line,> Not true: Taxes come out of it, sometimes compensation is based on royalties collected and to the extent royalties include funded research R&D expenses would also come out.

To: dougjn who wrote (6429)	12/14/1997 4:09:00 PM
From: SKIP PAUL	Read Replies (1) \| Respond to of 152472

I think the largest increase to QCOM's income is going to come from margin expansion due to higher volumes, and lower startup costs. Nokia's net margins are the highest in the business without much in royalty income. I don't see why Q's margins wont approach those of Nokia.

To: dougjn who wrote (6429)	12/14/1997 6:38:00 PM
From: Lorare	Read Replies (1) \| Respond to of 152472

Mr. White is the President of QCOM, not the CFO. His statement on the Korean situation was exceedingly brief and with humor, because it was obviously on everyone's mind. No details other than he expects the negatives to be offset by other positives. I can offer no other specifics as there were, essentially, none. His major thrust was the Local Loop and how we are all missing the boat if we view QCOM as just a "mobile" application because the real growth is in Third World and fixed wireless applications. GSM is a poor performer in this area. Also, I guess the European trials of overlaying GSM with CDMA begin this month. He is a very competent fellow and conveys a real sense of integrity. I can also relate that BT Alex Brown had a squawk on Friday morning discounting the downgrade and also said the that Korea's impact should be negligible.