August 5, 2008

QCOM was down yesterday on its COO Sanjay Jha leaving to become co-CEO of Motorola. Contrary to market reaction, we see the development as positive for QCOM. This will deepen the relationship between QCOM and MOT. Add to QCOM positions in $52 range. On a quick pop over $ 56, aggressive accounts should consider exiting the position, wait for a pullback to low to mid forties to establish position again.