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Stock of telecom superstar Qualcomm is up 2.16%% to $57.26 in after hours trading today (July 18) despite the company's announcement of disappointing forecasts. Qualcomm said that fourth quarter earnings per share would be 62 cents to 68 cents; Wall Street had expected 76 cents. Qualcomm said sales would be $4.45 billion to $4.85 billion. The Street had expected $4.89 billion. The stock initially dropped after hours, but then turned upward.

Overall, the stock market has had two very good days, because Federal Reserve Chairman Ben Bernanke predicted an even more anemic economy ahead, and Wall Street speculators therefore expect more liquidity, such as a massive bond-buying program by the central bank, that will inject liquidity into the economy. Bad economic news continues to be good stock market news.

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Comments

Don Bauder July 18, 2012 @ 2:06 p.m.

STOCK CONTINUES TO SOAR. Qualcomm stock is now up more than 5% in after hours trading. Best, Don Bauder

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Visduh July 18, 2012 @ 7:24 p.m.

And I continue to be skeptical of that operation now that Dad is out trying to buy his vision for the city and for the nation, whilst son (CEO) has no real track record. I'd rate the stock as highly speculative. That is, it could make you very rich (as happened once before), or become worthless. The chances of the latter exceed the chances of the former, I'd say.

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Don Bauder July 19, 2012 @ 7:51 a.m.

Worthless? No. Qualcomm is no Bridgepoint. The way the stock is acting after disappointing news yesterday, the Street obviously expects great things from Qualcomm. But the years of the huge gains in that stock are over. Last time I looked, the stock was actually down fairly sharply from its all-time high. Best, Don Bauder

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tomjohnston July 19, 2012 @ 9:23 a.m.

I think the high was back around the end of 1999 at about $90 so that would make it down around 30%. But I don't know if I would characterize it as down fairly sharply. I mean that was over 10 yrs ago and in the past 10 years the price has risen from the low teens to around $60, so one could really say it's been trending upward over that time. I guess it's just semantics. I do know this though. If someone happened to invest a few thousand dollars around the time if their initial offering and was smart enough to treat it as an long term investment and also reinvest the dividends instead of cashing them out, despite the fact that that the stock is down 30 some dollars from the high back in 1999, I think they would still be fairly happy with their investment. Just my own personal thoughts, but then again, I don't think I'm nearly as greedy as some others are. I've always been less concerned about making a fast buck and concentrated more on having a sound retirement fund. So I'm ok with how things have turned out. Just my opinion. Opinions vary.

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SanDiegoParrothead July 19, 2012 @ 12:09 p.m.

You got that right Tom. Back in 1998 or early 99, I invested $2500 for each of my 2 girls (dividends reinvested). One of them sold it a few years ago to help buy a car. The other still has it, and it's now worth about 23,000-24,000 or so. Not a bad investment. I think at its peak, it was worth about 36k or so.

My wife keeps asking why I didn't invest in this for us ...

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Don Bauder July 19, 2012 @ 9:20 p.m.

In 1999 the stock was nearing its peak. You would have probably bought at a pretty high price. Not sure I know how the $2500 jumped so high, even with dividend reinvestment. Best, Don Bauder

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Don Bauder July 19, 2012 @ 12:48 p.m.

The all-time high is $100 in the year 2000. I think it is down sharply, but who's counting? The stock spiked before the tech bubble burst. I agree that long term, it is probably a good investment for those who don't care about dividend income, although it is yielding 1.8%, which isn't too bad. Best, Don Bauder

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tomjohnston July 19, 2012 @ 1:57 p.m.

If one has had a few hundred shares since around late late '93 to early '94, I think one would be very happy with their return, provided of course, that one was able to resist temptation and leave them alone until they were ready to retire.

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Don Bauder July 19, 2012 @ 9:22 p.m.

Absolutely. Those who bought in 1993 and 1994 are smiling. Best, Don Bauder

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Don Bauder July 20, 2012 @ 10:51 a.m.

Yeah, smiling like that. Best, Don Bauder

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Burwell July 19, 2012 @ 7:17 a.m.

Qualcomm announced in February that it was under investigation by the SEC and the U.S. Attorney for alleged violations of the Foreign Corrupt Practices Act. It is reported that a whistleblower within Qualcomm alleges that the company made illegal payoffs overseas for business advantage. The Reader reported that Erwin Mark Jacobs recently contributed $2 million to the President’s reelection campaign through an intermediary. I feel that is it is improper for Jacobs to give the President money when his company faces potential criminal and civil charges. The President should not accept contributions from the majority shareholder of a corporation that’s facing serious charges.

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Don Bauder July 19, 2012 @ 7:54 a.m.

Ideally, politicians should not accept donations from corporations facing serious charges. But realistically, it ain't gonna happen. Best, Don Bauder

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tomjohnston July 19, 2012 @ 9:24 a.m.

Ideally, politicians should not accept donations from ANY corporations. I want them representing ME.

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Don Bauder July 19, 2012 @ 12:50 p.m.

I agree with you, but the Supreme Court's Citizens United decision has corrupted our country, possibly beyond repair. Best, Don Bauder

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tomjohnston July 19, 2012 @ 2 p.m.

Nothing is beyond repair, it simply takes the desire to affect the repairs, which at this point, apparently too few have.

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Don Bauder July 19, 2012 @ 9:31 p.m.

A lot of people have given up, figuring that the Koch brothers, Sheldon Adelson and his Las Vegas cronies, and other 1 percenters can throw so much money at elections that it is a lost cause -- thanks to a Supreme Court owned by big money and the Citizens United decision. But more than a century ago, the robber barons owned local governments, state legislatures and governors, Congress, the presidency, and the courts, and the progressives, populists, labor and Teddy Roosevelt knocked them down several pegs. Best, Don Bauder

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Don Bauder July 19, 2012 @ 9:25 p.m.

The company has opened an internal review into its compliance with the Foreign Corrupt Practices Act, which bans improper payments to foreign officials. The audit committee is doing the internal investigation with help of allegedly independent counsel. Best, Don Bauder

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