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

To: JGoren who wrote (30352)	5/19/1999 3:06:00 PM
From: KY	Read Replies (1) \| Respond to of 152472

Since hitting its high around 120, Q has been making lower lows and lower highs to present levels around 100. Buying opportunity or more downside coming? Any TA experts willing to lend some analysis? Last drop was around 30% or so...from 90 to to low 60's. Something tells me it makes sense to constantly readjust my limit orders for QCOM every time it makes a new high...every 30% drop, buy more. KY

To: JGoren who wrote (30352)	5/19/1999 3:51:00 PM
From: Ruffian	Read Replies (1) \| Respond to of 152472

WSJ> May 18, 1999 Dow Jones Newswires DJ TIP SHEET: Telecom Fund Mgr Hayward Likes Gear Makers By SHAWN YOUNG Dow Jones Newswires NEW YORK -- Like compasses aiming north, Brian Hayward's dollars tend to point toward the big telecommunications equipment makers as he chooses stocks for the $845 million Invesco Worldwide Communications Fund he manages. The key trends in telecommunications are deregulation, the growth in data and Internet traffic and the proliferation of wireless phones, says the fund manager, who is based in Denver. The trends all favor the industry's equipment makers, expensive as their stocks tend to be, he says. "I don't own a cheap stock in my top 20," Hayward says. "I try to hold onto the winners. Valuation is a secondary consideration. "Cheap stocks are cheap for a reason, relative to the best ones," Hayward says. His biggest holdings right now are America Online Inc. (AOL), Cisco Systems Inc. (CSCO), Nokia Corp. (NOK), Lucent Technologies Inc. (LU) and its merger partner, Ascend Communications Inc. (ASND). All but AOL are equipment makers. Hayward also has money on Nortel Networks Corp. (NT), Tellabs Inc. (TLAB), Qualcomm Inc. (QCOM) and Uniphase Corp. (UNPH). As phone markets around the world become less regulated and more competitive, established carriers are forced to polish their services and modernize their equipment, while their newly hatched competition hustles to put cutting-edge systems in place. "The old networks were built to handle three-minute voice conversations," he says. The new ones must take in stride anything from a quick phone call to a long surfing session on the Internet to data transfers measured in megas, gigas, teras. His holdings among the competitors that stake their claims on high-tech new networks include big names like MCI WorldCom Inc. (WCOM), Qwest Communications International Inc. (QWST) and, to a lesser degree, Level 3 Communications Inc. (LVLT). His other holdings in this realm include Britain's Colt Telecom Group PLC (COLT) and a gaggle of U.S. local phone and data companies, among them McLeodUSA Inc. (MCLD), Teligent Inc. (TGNT), Allegiance Telecom Inc. (ALGX), Nextlink Communications Inc. (NXLK) and Metromedia Fiber Network Inc. (MFNX). No telecommunications portfolio would be complete without holdings in AT&T Corp. (T), Sprint Corp. (FON) and at least a few of the U.S. local phone giants, all of which Hayward takes in moderate doses. "I've traded AT&T back and forth about four times in the last year," he says. Ma Bell has been on a shopping spree, most recently launching a surprise bid for MediaOne Group Inc. (UMG) that helped round out its plan to offer a range of services over cable wires. The company has its arsenal together at this point, Hayward says. The thing is to make it work. "Now they've got to put up or shut up," he says. In general, Hayward says he doesn't favor shares of the world's entrenched monopoly carriers, like France Telecom (FTE) or Deutsche Telekom AG (DT), which stand to get hurt as competition gears up. "Their market share has no place to go but down," he figures. As data and Internet traffic become a dominant force on conventional communications networks, wireless networks are also preparing to handle data as the mobile phone becomes an increasingly popular tool for making ordinary voice calls. Here again, the big equipment makers, including Lucent, Qualcomm, Nortel and Nokia should be the top beneficiaries of the trend, Hayward says. He's hanging on to shares of service providers Vodafone Group PLC (VOD) and AirTouch Communications Inc. (ATI), which are planning a merger that will create the world's largest wireless phone company. For Hayward, the trends are obvious. The hard part is predicting how the market will respond to new developments. - Shawn Young; 201-938-5248 shawn.young@cor.dowjones.com

To: JGoren who wrote (30352)	5/20/1999 6:41:00 AM
From: Maurice Winn	Respond to of 152472

Globalstar - AirTouch Sprint signed with Iridium because AirTouch has sole USA rights to Globalstar and presumably is not seeking any retailing partners. Which isn't surprising. They have a unique marketing tool with Globalstar and as long as they meet their minutes agreements with Globalstar, they'll keep their exclusive arrangement. Sprint must have thought they better have a satellite offering. On money velocity, Jon, funds flow and money velocity are the simplest things! Anyone can understand funds flow. As you say, inflation is not going up according to all those measures you listed, but oil shot up like a rocket. Which belatedly made the economists nervous when it finally filtered down to product prices such as cars, movie tickets and airfares. But now, the past couple of days, oil has taken a turkey. So maybe the adjustments will happen sooner rather than later, but still, oil is way up on a few months ago. That's bad. So I'm still expecting a Dow crunch, which is overdue in any event. Mqurice [Funds flow - each dollar goes from one place to another. They don't evaporate and they don't breed. Each dollar exists in only one place at one time. A bit like conservation of momentum for engineers. Being precise, they can and do breed and at a regular enough rate to keep 'inflation' positive but near zero. Which means in real terms at a high rate because of The New Paradigm effects. People who lend money are subsidizing those who borrow it - even though the lenders think they are getting a positive rate of return on their money and that their money is 'safe'. Suckers!]