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

To: Sorin A. David who wrote (7398)	1/21/1998 12:23:00 PM
From: Caxton Rhodes	Read Replies (1) \| Respond to of 152472

RESEARCH ALERT - Qualcomm upgraded NEW YORK, Jan 21 (Reuters) - Merrill Lynch said on Friday it raised its near-term rating on shares of Qualcomm Inc to accumulate from neutral while maintaining its long-term accumulate rating. -- Analyst Michael Ching raised his fiscal 1998 earnings estimate to a range of $2.20 to $2.40 per share from a range of $2.00 to $2.20 per share. -- Company reported first quarter earnings of $0.50 per share, up sharply from a year ago. -- Ching said the company's gross margins were better-than-expected in the first quarter, which should help the manufacturing part of Qualcomm's business in the future. -- Investors have also worried about the company's exposure to South Korea, but Ching said he expects Korea to decline significantly as a percent of revenues over 1998. -- ''The improvements in manufacturing should also offset some of the weakness in Korea,'' he said.