We believe the new company should be a core portfolio holding for investors seeking participation in the proliferation of the mobile Internet.

After this quarter’s shortfall on already reduced guidance, we are cautious about the visibility for the December forecast.

We expect a potentially heavy impact on Qualcomm, especially for second quarter results. We estimate that Qualcomm would have derived more than 25 percent of its revenue from Korea this year. We remain cautious on...

For the past five months, the company has been working on the profitability of the phone business rather than just sheer market share. We think Motorola can achieve those double-digit operating margins.

Handsets continue to plague Ericsson. A manufacturing plant fire at a key LCD supplier for Ericsson’s high-end handsets limited revenue growth and severely impacted profitability … We anticipate a further weakening situation in September before...

We believe the slow market conditions and maturity of this market can continue to limit upside and put pressure on high-end estimates.

They are one or two years behind Ericsson and Nokia in terms of getting aggressive with digital handsets.

During our visit with companies in Korea, each company acknowledged that June revenues for handsets dropped drastically, although they did not agree with the degree to which it dropped.

The company clearly benefited from the sale of the handset and infrastructure businesses in 1999. The remaining segments offer much better profitability.

We believe there is upside to our estimates due to strong execution, overall strength in the devices segment and a relatively strong holiday selling season.

We believe the announcement shows further evidence that Motorola’s General Instrument acquisition is paying dividends. We have confidence that the company can deliver 20 percent growth in the segment through 2001.

Total net subscriber additions for the Korean market declined from 550,000 and 417,000 in October and November, respectively, to 164,000 in December. The slowdown was caused in part by a government investigation of illegal handset...

We believe the company should also see a boost in interest income now that the handset and infrastructure businesses are divested.