TSC Weekender: <I>TSC</I> Does Y2K, Qualcomm Cooks and the Nasdaq Steals the Show
Why you say? Y2K! Waking up with a hangover and want to know if the flight you missed experienced delayed beverage service? Concerned about Jan. 1 computer glitches in Mauritius? Well, we're sure you can find that information in some of the hysterical news coverage going on this weekend. But to root out the important goings-on related to Y2K (yes, that's right -- ones that affect your
money
), check in with
TSC
. We're here all weekend, so drop us a line and let us know what you've seen happening where you are.
Qual-ity Merchandise
"It's not tied to fundamentals!" the
naysayers cried when
PaineWebber
analyst Walter Piecyk ran up his
Qualcomm
(QCOM) - Get QUALCOMM Incorporated Report
1000 price target flag Wednesday, along with a buy rating.
Still, everyone saluted. The stock vaulted up 156 points, or 31%, to end that day at 659 -- a 2,200% increase for the year. Thursday it
bobbed up and down, finishing down 11 15/16 to 647. Following the stock's 4-for-1 split prior to Friday's shortened session, Qualcomm's stock shot to 176 1/8 from 161 3/4.
TheStreet Recommends
Of course, since Merrill Lynch's Internet guru
Henry Blodget
set a 400 price target on
Amazon.com
(AMZN) - Get Amazon.com Inc. Report
, Wall Street has paid rapt attention to the
motivations for such a call. After all, it's whispered, who was talking about Piecyk last week? Whether Qualcomm summits the target or falls flat, you can bet they'll be talking about this call in the months to come.
The Nasdaq Composite: Better Than "Cats"?
For the past week investors have been musing, Wherefore art thou, N4K? It art-ed on Wednesday. With Qualcomm singing momentum poetry, the
Nasdaq Composite Index
soared, picking up speed to finish at 4041.46. (Applause.) Thursday brought with it a repeat performance, and a 4036.87 close, just shy of the record. Friday the old ham was at it again, ending the week at 4038.25, after which it retired to its dressing room to pop a bottle of Mumm Cordon Rouge and receive well-wishers. ("It's you -- my fans -- who make all this possible!" the Comp was overheard modestly demurring to a dowdy woman in a green felt hat.)
The critics consulted each other and tried to understand the performance. (See
TSC's
Nasdaq 4000 coverage.) And as the New Year begins, investors and experts are all wondering, will the show go on?
Staff reporters Thomas Lepri and George Mannes contributed to this article.
