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

To: Maurice Winn who wrote (21383)	1/15/1999 5:45:00 PM
From: Gregg Powers	Read Replies (5) \| Respond to of 152472

Maurice: I was paraphrasing an old quote that I heard years ago...I couldn't tell you the author's name on a bet. It is not the $0.11 differential that boils my rump, it is the intellectual dishonesty. Qualcomm management NEVER guided Marc Cabi to a $0.70 estimate and he knows it. Think about this...Cabi claims to have no confidence in the company's business model, its competitive outlook, its operational competency or its royalty stream, yet his estimates for the quarter and the year are at the very high end of Street expectations. Why would someone who claims to doubt the outlook of virtually every element of Qualcomm's business simultaneously model to the Street's highest earnings estimate? Well, the good news is that the CS First Boston salesforce is slowly but surely figuring out the drill...and I am doing my best to educate them. Since an analyst's credibility is his only salable commodity, I suspect our "friend" is doing himself more harm than he may perceive. Still, it is disappointing in the extreme to see such games being played at a major New York wirehouse. Have a nice weekend, Gregg