The Black Box

[mjk]

I don't get the "transition year" comment...the next 3 years will be huge with w-cdma ramping. I'm more worried about what happens after that. I think they just want the stock cheaper.

RESEARCH ALERT-Morgan Stanley cuts Qualcomm
Tue Oct 26, 2004 12:00 PM ET
NEW YORK, Oct 26 (Reuters) - Morgan Stanley on Tuesday lowered its investment rating on Qualcomm Inc. (QCOM.O: Quote, Profile, Research) to "underweight" from "equal weight," saying 2005 will be a transition year for the company.

The stock may trade down 15 percent to 20 percent before it can sustain a meaningful advance, the research note said.