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

To: JMD who wrote (8063)	2/6/1998 1:31:00 PM
From: Lazlo Pierce	Read Replies (1) \| Respond to of 152472

from briefing.com <<Qualcomm Inc. (QCOM) 47 1/8 -9 1/8: --UPDATE-- Hambrecht & Quist says that company has yet to receive royalty reports for the December quarter from Korea and for accounts one quarter in arrears; hence, earnings could fall further than currently anticipated by last night's warning.....>> Dave

To: JMD who wrote (8063)	2/6/1998 2:27:00 PM
From: J. Kerner	Read Replies (1) \| Respond to of 152472

Even if there will be shareholder lawsuits, not many investors can participate. QCOM only popped up off its lows for a few trading days. Now the stock is back where it was before the earnings release.

To: JMD who wrote (8063)	2/6/1998 4:13:00 PM
From: dougjn	Read Replies (4) \| Respond to of 152472

Qcom's going lower. Quite a bit, I suspect. I expect we will see low 40s in the Q before we see 50 again. I had taken a small position at a hair under 50, and sold out when hit 49 this am. I even think high 30s are possible, when market in general again becomes pessimistic re Asia, which it will surely do. In the spring/summer time frame. The current tech rally has some near term legs, but will not last. Much better buying opportunities in nearly all tech are ahead, but I am not yet ready to sell out my current holdings, generally. Re: management credibility. My take is that they were blindsided by the Koreans, but shouldn't have been. I.e., Koreans they delt with were saying no problem, no problem, strong sales.until very recently. We all knew that Asic sales are an important component of their net earnings, but it appears even more so than I thought. And Asic sales are basically half to QPE, half to the Koreans. With hopes for Japan in 3rd, 4th fiscal quarter. Given what emerges as the critical position of Asic sales to Korea in actual bottom line performance at the moment (they have always been cagey about explaining the margins in their different segments), Qcom should have anticipated more Korean problems than they did. Actually, I gleaned some of this from their last conf. call, even though management was trying to say Korea remained strong (hey, their was big inventory buildup in Korea and royalties have a 1-2 quarter lag.) But I was surprised by the magnitude of the impact. I think its gonna take longer to work out than though. At least through the end of the year. Very possibly into some at least of next year. Certainly I think the market / analysts will at some point suspect a significant 99 impact as well. And given the slower than expected movement to dual band and other higher priced phones, it may be some while before handsets themselves (as opposed to Asics) provide sig. contributions to the bottom line. Net/net. Near term, Qcom has about as high an exposure to Korea's economic troubles (as opposed to banking/financial) as anybody I can think of. Along with the chip equip makers. But really just as bad, or worse actually, given where their profits come from. So..further down to go. Brilliant longer term future. Sure, one could hold. Or sell and buy back lots cheaper. Doug

To: JMD who wrote (8063)	2/6/1998 5:45:00 PM
From: ED PLOPA	Read Replies (2) \| Respond to of 152472

Surfer Mike: Logic dictates that if management was caught flat-footed without knowledge about one of their biggest markets, THEN management is not all what it is cracked up to be. Conversely, logic then follows that since I believed (notice: I said "believed")that QCOM had good management, THEN they couldn't have possibly not known that something was amiss in Korea. Now, if a staunch long like myself have these feelings, how would you expect the cold blooded analysts to feel? It may take a long time to get the analysts warm and fuzzy again. Hell, they weren't that w&f to begin with!!! Ed Plopa

To: JMD who wrote (8063)	2/7/1998 2:25:00 AM
From: synchro	Respond to of 152472

You're probably right there will be lawsuits. I'm on record (not that anyone cares) to say that when I get class-action solicitations for suing QCOM, I'm going to throw it into the trash can faster than I ditch "bulk-rate" credit card solicitation. For those who feel jilted by the latest event and thinking about suing--guys, this is a 50-PE stock, what did you guys expect? People who join strike-suits are idiots, and by doing so they broadcast to the world that they are idiots and easily manipulated by others.