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

To: nihil who wrote (17867)	11/5/1998 4:09:00 PM
From: Ruffian	Respond to of 152472

All,Norby Update>http://www.nordby.com/returnjag.asp?SYMBOL=qcom

To: nihil who wrote (17867)	11/5/1998 4:13:00 PM
From: Ruffian	Read Replies (1) \| Respond to of 152472

All, Good Yahoo Post; Finance Home - Yahoo! Top:Business and Finance:Stocks:Technology:Communications Equipment:QCOM (QUALCOMM, Inc.) Help - Add to My Yahoo! - Sign Out Merril Lynch Research report by: IM4IPOS (M/WDC) 10451 of 10451 Sprinter-1997 thanks for the excerpt from Merrill Lynch. Here are some comments: First with regards to Michael Ching. His lack of confidence in Q as he states throughout his report is directly related to his own lack of knowledge and understanding of QCOM's business model, operations and strategic issues. If you don't spoon feed it to Mikey Ching he issues a report the next day with the same low level confidence. He did the same last quarter when qcom was as $.36 per share and $53 million in operating income, he thought Q4 would be really bad because "HE" did not have "visibility" as he stated then in phone operations, infrastructure, global issues etc, etc. So now three months later Q posts $85 mil. in operatng income and $66 (w/o Leap) and he says the same. Michael doesn't have visability because he doesn't bother to look beyond the surface. He is a sheep herder. Usually on the conference calls michael is either looking for lots of information (which you are not going to get on a conference call) or asks questions such as "do you have a sence of exposure to the current Korean royalty issues"? Tony Thornley replies - it is not significant or material to any of our future earnings (If you know qcom at all this means "if" they do have exposure its not that much AND they have already put a side past royalties for this issue AND if there isn't exposure they just baked more on the balance sheet for future earnings. Qcom sells asics and receives royalties from Korean Mfgs. Koreans such as Samsung sell these phones in the USA and other parts of the world outside of Korea. Michael continues to look inward at the domestic Korean market and then relays these Korean domestic risks. Rich Salpizio mentioned a couple of times and once during Michael's questions that yes average selling prices (ASP's) are coming down (this is good for cdma) and He is confident (they have repeated this to michael during the July 21 conference call) that qcom's bill of material is being reduced and Rich expected to grow margins in Comm System Revenues despite falling ASP's. Speaking of Margins, every one of these analysts including Ching had expectations of 24%, maybe 25% margins. Q reports 29% margins three months later and now he has concern over Q's ability to sequencially grow these margins from 29%. I have followed Q for seven years and Michael Ching is a uncontious incompetent. It scares me every time I hear any analyst talk about a company because you realy don't know the depth of their knowledge. This is an excellent example where small facts can be turned into very misleading statements. The root cause I believe is that Michael and all of the analysts have too many companies to follow, so their knowledge is very limited, unless they spend the time to understand. I'm sure Michael Ching is a bright guy, but he is ignorant and puts out reports which later turn out to be false and misleading. Ask Merrill for Michael Ching's July 23 report on QCOM and compare it to his report today and qcom's Q4 results. Michael Ching/M.L. basicly sings the same song every quarter only in a different key. FWIT. Web. Posted: Nov 5 1998 3:56PM EST as a reply to: Msg 10442 by SPRINTER_1997 Free Real-time Quotes. No-fee IRAs. Over 4000 Mutual Funds. Click here!