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

To: dougjn who wrote (6522)	12/15/1997 5:24:00 PM
From: Brian Lempel	Read Replies (3) \| Respond to of 152472

e-mail from QCOM VP: 1. Are royalty payments out of Korea based on the Won? YES BUT ONLY FOR PHONES MANUFACTURED BY KOREAN MFRS AND SOLD DOMESTICALLY IN KOREA. SAMSUNG EXPORTS PHONES TO THE U.S. BUT THOSE ARE NOT AFFECTED BY THE WON DEVALUATION. Do you hedge against currency fluctuations, thereby minimizing the risk? NO BECAUSE THE WON IS NOT AN EASILY HEDGEABLE CURRENCY (IT IS CONSIDERED AN EXOTIC CURRENCY) AND CANNOT BE HEDGED FOR LONG PERIODS OF TIME IN ANY CASE THEREFORE ANY POTENTIAL HEDGES WOULD BE EXPENSIVE AND SHORT-LIVED. THE DEC. QTR CONSENSUS HAS BEEN $.50 BUT TODAY PROBABLY WENT A LITTLE LOWER BECAUSE A FEW ANALYSTS LOWERED THEIR NUMBERS. WE WILL ISSUE A STATEMENT MONDAY MORNING ON THE CURRENCY CRISIS AND ITS EFFECT ON QCOM. Just got the e-mail, although it was dated Friday. Sometime my ISP makes me wonder... Oh well. Any comments from you veterans? Brian

To: dougjn who wrote (6522)	12/15/1997 5:53:00 PM
From: qdog	Respond to of 152472

Already own tlabs as well as NN. Not looking to add to those positions and are on my list to sell next year (not on negative just looking to realign my portfolio. Weighted quite heavily in telecommunications). Don't care for CSCO at the moment and may not for sometime to come (sold at the beginning of the year). Just feel that profits and margins are going to continue to get squeezed. If you bot at around 50 then you did good, but at these levels I'm uncomfortable. I also sold by INTC in the beginning of the year because i was feeling the same about them. In hind sight I look somewhat smart as the both are near where I sold them. Now INTC is talking about low end Pentium II chips next year. I still haven't figure out what that means. Margins seem to be squeezed by competition that is taking root. Whether they will move lower is uncertain, but I don't see that much upside for the time being. I could be wrong about that, which won't be the first time. Shit, I sold GTW and MSFT beginning only to see them move higher this year (I know my buddy down under will get all over my ass for this one). GTW finally crack. In 96 I sold DELL because I felt that the stock was way ahead of itself.... stock split and more points higher..oh well. IF your research sez otherwise then go with it. Don't follow psft. GSTRF is intriguing, but I stayed away. Can't own everything. I caught briefly a company that is into fuelcell technology today. Now that really caught my interest as Ford and Benz were really interested. Think about this hydrogen power for cars.... Bye bye OPEC.