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

To: bdog who wrote (18116)	11/10/1998 4:18:00 PM
From: Gregg Powers	Read Replies (4) \| Respond to of 152472

bdog: Were you napping back in February? Do you remember how QC's stock ran up after the December quarter was reported? Do you remember how the previously enthusiastic sell-side analysts turn rabid? Remember..I speak to the sell-side all the time..so I know just how big a credibility hit the company took earlier this year when it was forced to recant its guidance. While people with short memories might like Irwin and company to put their best face forward right now, I believe that conservatism..and outperformance..will provide a better platform for forward appreciation. But...you know what...it's a free country and the last I noticed nobody was forcing anybody else to retain their QC shares. If you don't like what you see, vote with your feet. Gregg

To: bdog who wrote (18116)	11/10/1998 5:04:00 PM
From: Clarksterh	Read Replies (1) \| Respond to of 152472

Re Talking Down Expectations: Although I have to admit I found listening to the last Conference Call a bit like watching some sort of surreal movie, I also think that talking down expectations is a reasonable policy. The rationale is: 1) The Company is concerned about long term performance of the company. 2) In order to get long term company performance they need to be able to sell their product and, for a company growing this fast, they need continuing access to capital. The first is out of scope for this discussion, but one of the primary methods by which they get access to capital is to have credibility with the financial community. The best way to do this is to continually exceed expectations. Some people might argue that access to capital is also enhanced by having a higher stock price, and of course that is true - in the short term. But in the long term boosting expectations to boost the stock is dangerous since when you do not make them your stock price crashes and you have no credibility to fall back upon. Bottom line - eventually the stock price will reflect company performance. What's the rush? Clark