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|Bid||110.50 x 800|
|Ask||110.55 x 900|
|Day's Range||104.74 - 112.00|
|52 Week Range||58.00 - 113.00|
|Beta (5Y Monthly)||1.39|
|PE Ratio (TTM)||46.21|
|Earnings Date||Nov 04, 2020|
|Forward Dividend & Yield||2.60 (2.39%)|
|Ex-Dividend Date||Sep 02, 2020|
|1y Target Est||118.06|
Microsoft is finally launching its much-anticipated return to the smartphone market with its new Surface Duo, a dual-screen foldable phone.
Last year, federal Judge Lucy Koh delivered a monumental victory to the Federal Trade Commission (FTC) against Qualcomm (NASDAQ: QCOM), ordering the company to essentially dismantle broad swaths of its business. The mobile chip giant was to be barred from forcing customers to ink licensing agreements in order to secure chip supply, known as its "no license, no chips" policy. Qualcomm would also have to offer standards-essential patents (SEPs) to rivals on a fair, reasonable, and non-discriminatory (FRAND) basis, as well as let customers renegotiate onerous existing licensing agreements, among other consequences.
The current stock prices for the two highflying U.S. companies don’t reflect any potential China risk for TikTok and WeChat bans, Bernstein analyst Toni Sacconaghi writes.
A federal appeals court has overturned an antitrust ruling against Qualcomm, dismissing arguments that it unlawfully squeezed out cellphone chip rivals and charged excessive royalties to manufacturers such as Apple.
(Bloomberg) -- Qualcomm Inc.’s lucrative patent licensing business lives on, after a court rejected a requirement that the company renegotiate billions of dollars worth of agreements with smartphone makers.The chipmaker won a major victory Tuesday in a federal appeals court, which ruled that a judge was wrong to side with the Federal Trade Commission in 2019 in finding that Qualcomm had violated antitrust law. The appeals court also vacated an order that the company redo licensing accords with smartphone makers like Apple Inc. and Samsung Electronics Co. Such licenses generated $4.6 billion in revenue for Qualcomm last year.Qualcomm climbed 2.3% on the news to close at $108.83 in New York trading.“The court’s ruling is disappointing and we will be considering our options,” FTC Bureau of Competition Director Ian Conner said in a statement.The case won’t return to the trial judge, but the FTC can ask that it be reconsidered by the full appeals court. If Tuesday’s ruling stands, it’ll represent the end of years of legal and regulatory entanglements for the company. In July, Qualcomm announced that China’s Huawei Technologies Co. has signed a licensing deal and paid up on withheld patent fees. That agreement has brought Huawei, the last major holdout, into the list of Qualcomm’s customers.“The court of appeals unanimous reversal, entirely vacating the district court decision, validates our business model and patent licensing program and underscores the tremendous contributions that Qualcomm has made to the industry,” Don Rosenberg, executive vice president and general counsel for Qualcomm, said in an email.Kevin Cassidy, an analyst at Rosenblatt Securities, said the ruling removes an overhang on Qualcomm’s shares.“We see the combination of another successful defense of its business model and the recent licensing agreement with Huawei as giving investors an additional degree of comfort as a long-term investment,” he said.Read More: Qualcomm Shares Rise on Strong Forecast, Huawei AgreementQualcomm is the largest maker of chips that run the computer functions in smartphones and connect them to cellular networks. That business provides it with the bulk of its revenue. The majority of profit comes from licensing patents that underpin how all modern phone systems work. It charges fees that are calculated as a percentage of the selling price of handsets and paid by the phone makers.In May 2019, U.S. District Judge Lucy Koh in San Jose, California, ruled that the company was charging phone makers “unreasonably high” licensing fees and thwarting competition. She ordered the chipmaker to negotiate licensing agreements with customers “in good faith” and without threatening to cut off access to its products. Koh’s order was put on hold pending appeal.Qualcomm argued on appeal that its licensing business benefits the whole industry by speeding up improvements to smartphones and the services they support. The company emphasized that it doesn’t stop rival chipmakers from accessing its technology. Instead, fees are charged to phone makers who pay a percentage of the selling price of each handset.The FTC case, filed in 2017, is among numerous challenges to Qualcomm’s practices from competitors, customers and regulators worldwide. The San Diego-based company has weathered most of those, winning in court or settling, and maintained its right to charge the fees. Koh’s ruling was the biggest remaining challenge to the licensing model.In a rare split among antitrust regulators, the U.S. Justice Department lined up with Qualcomm against the FTC , arguing that Koh’s ruling could undermine American leadership in technologies including 5G wireless networks.The appeals court said in its 56-page ruling ruling that Koh “went beyond the scope” of antitrust law. Qualcomm’s “no license, no chips” policy does “not impose an anticompetitive surcharge on rivals’ modem chip sales,” nor does it undermine competition in the market.While the Justice Department’s arguments that Qualcomm is critical to America’s supremacy in 5G weren’t mentioned in the opinion, the court noted Qualcomm’s “significant contributions to the technological innovations underlying modern cellular systems.”Qualcomm has argued that the regulatory actions against it around the world -- including in Korea and Taiwan -- were initiated at the urging of customers who were seeking an advantage in contract negotiations or to avoid paying for its inventions. Those customers are now licensees, it said.“Even before today, those companies for the most part, had already demonstrated that they were basically willing without further attempts like this to engage with us in license negotiations,” Rosenberg said in an interview. “They’ve all signed up.”The case is Federal Trade Commission v. Qualcomm Inc., 19-16122, U.S. Court of Appeals for the Ninth Circuit (San Francisco).(Updates with Qualcomm general counsel’s comment in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of mobile-device chip maker Qualcomm jumped in Tuesday trading after the U.S. Court of Appeals for the Ninth Circuit ruled against the Federal Trade Commission in a significant antitrust case. In it, Judge Lucy Koh said that because Qualcomm was refusing to sell chips to companies such as (AAPL) (AAPL) unless they also licensed its patents, it held an illegal monopoly in smartphone semiconductors. The ruling is a blow to the FTC’s case, which last year threatened to reorder the chip market because it forced Qualcomm to renegotiate with more than 300 equipment manufacturers.
Qualcomm Inc. shares rallied Tuesday following a report that a U.S. appeals court overturned an antitrust ruling against the chip maker Qualcomm shares, which had earlier had been trading around $107, rallied 4.5% to $111.13 in recent trading after touching an intraday high of $112.01. On Tuesday, The Wall Street Journal reported a federal appeals court tossed out a trial judge's ruling on the basis that the government hadn't proved Qualcomm had an illegal monopoly. Back in May, a federal judge sided with the Federal Trade Commission in an antitrust suit against Qualcomm, prompting analysts to fear the ruling could cut profits in half.
The U.S. Ninth Circuit Court of Appeals also vacated an injunction that would have required Qualcomm to change its intellectual property licensing practices. The decision was a major vindication for the San Diego-based company, the largest supplier of chips for mobile phones and a key generator of wireless communications technology. Qualcomm was fighting a May 2019 decision by U.S. District Judge Lucy Koh in San Jose, California.
Qualcomm Incorporated (NASDAQ: QCOM) announced today the expiration date results of its four separate private offers to exchange (each, an "Exchange Offer," and collectively, the "Exchange Offers") any and all of the outstanding notes listed in the table below (collectively, the "Old Notes") for two new series of Qualcomm's senior notes due 2028 and 2032 (the "New 2028 Notes" and the "New 2032 Notes," respectively, and collectively, the "New Notes") on the terms and subject to the conditions set forth in the Offering Memorandum dated August 5, 2020 (the "Offering Memorandum" and, together with the eligibility letter, the Canadian holder form and the notice of guaranteed delivery, the "Exchange Offer Documents").
|Maintains||KeyBanc: to Overweight||8/12/2020|
|Upgrade||Bernstein: Market Perform to Outperform||8/3/2020|
|Upgrade||Edward Jones: Sell to Hold||7/31/2020|
|Maintains||Piper Sandler: to Neutral||7/30/2020|
|Maintains||Canaccord Genuity: to Buy||7/30/2020|
|Maintains||Raymond James: to Strong Buy||7/30/2020|