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|  | JANUARY 20, 2005
 WORD ON THE STREET Bear Stearns Cuts Qualcomm Estimates Analyst Wojtek Uzdelewicz says the digital wireless telecommunications product manufacturer had a disappointing outlook for chipsets, revenue, earnings and handset sales Bear Stearns cuts Qualcomm (QCOM ) estimates. Analyst Wojtek Uzdelewicz says its first-quarter is mostly in line, but its 26 cents second-quarter earnings per share view missed 30 cents consensus on disappointing outlook for chipsets, revenue, earnings per share, and CDMA handset sales. He says the company leaves unanswered questions like: 1) how can it raise its fiscal 2005 (ending September) view given lower second-quarter guidance; 2) what's driving weaker chipset margins; 3) what is the impact on WCDMA chipset share if Siemens exits the handset business; and 4) implied chipset margins would drop 400 basis points in the second quarter, how 's this possible after a 410 basis-point drop in the first quarter. Uzdelewicz cuts 31 cents second-quarter earnings per share to 27 cents and $1.24 fiscal 2005 to $1.21. He rates the company at peer perform.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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