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Qualcomm extends gains
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December 30, 1999: 9:57 a.m. ET
Wireless technology stock continues phenomenal run, adding 6% to surge
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NEW YORK (CNNfn) - Qualcomm Inc. extended its phenomenal run into a second day Thursday, as bullish comments from an analyst continued to fuel demand for the wireless communication company’s stock.
Shortly after the Nasdaq opening bell, Qualcomm (QCOM) shares zoomed up 41 at 700. That would translate to 175 a share once the company’s four-for-one split goes into effect after Thursday’s close. The stock traded as high as 739 before retreating.
Qualcomm jumped 156 to 659 Wednesday after PaineWebber analyst Walter Piecyk initiated coverage with a "buy” rating and set a $1,000 price target on the stock.
With demand for mobile-phone service and its patented code division multiple access, or CDMA, wireless technology soaring, Qualcomm’s stock has been on a remarkable ride, rising more than 24-fold over the last 12 months. 
-- from staff and wire reports
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Qualcomm
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