Hilliard Lyons analyst Tom Carpenter believes Qualcomm is well-positioned to weather the economic slowdown. In a late February note, Carpenter noted that the company has $13.1 billion in cash and marketable securities and will benefit from the continuing rollout of third-generation (3G) wireless technology. After projecting that 3G phones will grow from 40% of the global cellphone market to 70% to 80% in 2012, Carpenter wrote, "This will mean hundreds of millions of dollars of very profitable incremental revenue for Qualcomm." Qualcomm Chief Executive Paul Jacobs has been saying much the same thing in recent weeks. In early April, he told Dow Jones that the company's strength in very low- and high-end handsets have buffered it from greater losses as mid-tier phones have stagnated. Jacobs' peers have voiced cautious optimism as well. After announcing disappointing earnings last week, Nokia Chief Executive Olli-Pekka Kallasvuo said he believed operators would begin to re-stock cellphones again.