QCOM - QUALCOMM Incorporated
87.80 +1.76 (2.05%)
Pre-Market: 6:50AM EDT
Chart Events
Bollinger Bands
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 84.11 |
| Open | 83.95 |
| Bid | 86.35 x 900 |
| Ask | 87.35 x 900 |
| Day's Range | 83.95 - 86.69 |
| 52 Week Range | 58.00 - 96.17 |
| Volume | 12,108,965 |
| Avg. Volume | 11,557,556 |
| Market Cap | 96.789B |
| Beta (5Y Monthly) | 1.64 |
| PE Ratio (TTM) | 23.97 |
| EPS (TTM) | 3.59 |
| Earnings Date | Jul 29, 2020 |
| Forward Dividend & Yield | 2.60 (3.02%) |
| Ex-Dividend Date | Jun 03, 2020 |
| 1y Target Est | 90.20 |
Fair Value
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Tech battle: Omnitracs Claims Platform Science Infringed On Its Technology Patents
Omnitracs has filed a lawsuit against Platform Science in the Southern District of California, alleging that Platform Science has infringed upon its technology patents.In the suit, Omnitracs LLC et al v. Platform Science Inc., Omnitracs alleges that Platform Science has violated seven Omnitracs patents. Omnitracs is seeking a jury trial. The suit was filed on Tuesday.Omnitracs, the dominant onboard platform for the for-hire trucking space, has been fighting a number of new startups in recent years that range from Bluetooth-enabled devices targeted to small fleets from Keep Truckin and Samsara to enterprise-grade technologies that intend to create an onboard computing omnibus like Platform Science's platform. Omnitracs was once a part of Qualcomm, a leading provider of telecommunications technology and patents that govern a large part of the modern communications infrastructure and devices. Qualcomm has a track record of filing lawsuits to protect market share. Vista Equity Partners acquired Omnitracs in 2013 and it has remained a part of their private equity portfolio since. According to industry sources, Vista has tried to sell Omnitracs a few times since acquiring the company, most recently in 2019 for a reported $2B. The private equity firm has been unsuccessful so far in finding a buyer that would pay for the storied company. Meanwhile, upstart Samsara's valuation eclipsed Omintracs at $3.4B. Curious timing The timing of the filing of Omnitracs' lawsuit against Platform Science is just two weeks after Platform Science announced a partnership with Daimler Trucks North America (DTNA), announced at FreightWaves LIVE. The partnership includes an investment from DTNA in Platform Science and a plan to include Platform Science's technology at the point of vehicle production. Implementing the solution as the default offering when the truck is produced means that Platform Science has the opportunity to become a default ELD and telecommunications platform for a large percentage of the Class 8 trucking industry. Daimler Trucks North America, through it's Freightliner subsidiary, is the largest manufacturer of Class8 trucks in North America, with about 37% market share. Large fleets, which tend to focus on the total cost of ownership when buying new trucks, often prefer Freightliner trucks because of their operating efficiency and manufacturing quality. This is the market in which Omnitracs has historically dominated and is likely threatened by a Daimler/Platform Science partnership. A spokesperson for Platform Science said they are aware of the complaint but would have no comment at this time.The allegations Omnitracs alleges that patents it holds related to wireless data transfer and display devices; methods of monitoring location; recording and communicating vehicle and driver information including electronic logging information through a fleet vehicle management system to a remote device; turning information into formatted messages; remotely monitoring vehicles; real-time alert notifications are among those violated.Omnitracs claims that Platform Science's Connected Vehicle platform, Platform Science Express, and Platform Science Enterprise are among the solutions that utilize these technologies."The decision to file this complaint was not taken lightly. Omnitracs' 35-year track record of success as a leading provider of technology and industry-leading solutions is a result of its commitment to, and investment in, research and development and innovation. As a technology provider, our Intellectual Property is one of our most valuable assets," an Omnitracs representative said in an emailed statement to FreightWaves."Platform Science was founded by Jack Kennedy, Omnitracs' former president, and much of Platform Science's leadership team is made up of former Omnitracs employees," the statement continued. "Omnitracs concluded that it needed to defend its Intellectual Property to prevent Platform Science from benefiting from the intentional sale of products that infringe on Omnitracs' intellectual property and patent rights. As noted in the complaint, the accused products, in this case, include, but are not limited to, Platform Science's Connected Vehicle Platform, Platform Science Express, and Platform Science Enterprise and the associated hardware and software."The Connected Vehicle Platform offers fleet management technology that allows a vehicle to become an internet of things (IoT) hub with connected devices. "All devices on the vehicle can be unified on a single data plan and can communicate with each other via the device WiFi/BT/IO connectivity," Platform Science claims.Platform Science Express offers an "out-of-the-box solution that offers core telematics functionality" while Enterprise is a "configurable solution that supports dynamic hardware configurations, partner integrations and extends to ecosystem innovations.Omnitracs attached a Platform Science web page describing these technologies as evidence. It also included web pages that include Platform Science's fleet management apps and the use of Ultramax Glass, which is a windshield-mounted antenna for connectivity.The suit is filled with 14 exhibits in all detailing Omnitracs' technologies and the suspected violations of those patents by Platform Science.In October 2019, Omnitracs announced the general availability of the Omnitracs One platform, an enterprise-grade mobility platform. The platform offers access to third-party app integrations, "mobile and dedicated hardware for device independence," and "exchangeable data across a fleet's operations," Omnitracs said in a release.Kennedy previously served as president of Qualcomm Enterprise Services (QES), which eventually became Omnitracs. Omnitracs was sold by Qualcomm to Vista Equity Partners in 2013 for $800 million. Omnitracs acquired XRS in 2014.The case has been assigned to Judge Janis L. Sammartino.See more from Benzinga * With Eye On Rebound, United Looks For Alternative To Furloughs * Appeals Court Revives CRST's Driver-Poaching Lawsuit * ZIM's Loss drops as EBITDA and Cash Flow Jump(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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- Bloomberg
Little-Known Data Show Signs of a Tech Bounce
(Bloomberg Opinion) -- Buried in a set of little-known data are early signs that the hardware side of the technology sector may be rebounding from the pandemic-driven plunge.Investors generally need to wait until a few weeks after a quarter closes to get a sense of how well (or badly) business has been, or hope that a company will provide an update when the situation changes. Except in Taiwan. A decades-old regulation requires companies there to report sales every month. This information isn’t useful only to investors in locally traded stocks. What’s listed is a broad range of companies that make chips, components, half-assembled modules and final products used in almost every electronics device in the world. The numbers can also provide a snapshot of output in China, where most Taiwanese technology manufacturers have the bulk of production.As early as January, it became obvious that the coronavirus would be a nightmare for tech companies. We now know that Apple Inc. posted a 7.2% drop in March-quarter sales of iPhones and iPads, while its major supplier, Foxconn Technology Group, suffered its biggest dive in revenue for seven years.More interesting is to see what’s been going on since. A look at April sales data from Taiwan enabled me to crunch numbers. What we find is a bounce in revenue that gives some hope for the global sector.Taiwan Semiconductor Manufacturing Co. and Foxconn’s Hon Hai Precision Industry Co. are the most famous names in this data set, because they’re the biggest in their category and have a VIP client list that includes Apple, Qualcomm Inc., Huawei Technologies Co. and Sony Corp. Yet hundreds of others, such as Pegatron Corp., Quanta Computer Inc. and Largan Precision Co., collectively supply most of the industry.By aggregating the data month by month, comparing to a year earlier to smooth out seasonality, and looking at the sub-sectors within tech — defined by the Taiwan Stock Exchange — such as components suppliers, chipmakers, or computer assemblers, we can get an understanding of what was happening just a few weeks ago.Computers and peripherals, which include major PC and server makers Quanta and Compal Electronics Inc., showed the largest rebound, from an 11.9% drop in the January to March period to a 7.9% rise in April. Electronics parts and components, such as circuit-board supplier Compeq Manufacturing Co., turned a mild decline into solid growth, from a 3.1% decline into a 9.1% increase. Other electronics, including Hon Hai, which not only assembles iPhones but servers and networking equipment, went from an 11.8% fall to flat. Chips, headlined by TSMC, remained incredibly strong. Optoelectronics, which is largely displays and camera modules, shows a prolonged decline.One of the key takeaways is the relative strength in corporate-focused hardware, and possible continued weakness in gadgets. Foxconn pointed to this earlier in May, when it told investors that its consumer-devices division, which encompasses iPhones, would fall at least 15%, while enterprise products would climb 10%.There are two important caveats to the data.The first is that they track just Taipei-listed companies, and not some big names like Huawei and Samsung Electronics Co., which also manufacture their own hardware. However, it’s a like-for-like comparison — those companies aren’t included in last year’s data, either — and the broad reach of Taiwan’s tech sector means that even Huawei and Samsung are likely part of its supply chain.A more important note is that this is just for one month. Some of that April uptick is simply catch-up production for time lost at the height of the pandemic. Yet clients wouldn’t place orders if they didn’t feel that there’s end-demand somewhere. Autos and textiles are cutting production and shuttering factories in the knowledge that such a pickup in sales isn’t likely. With global turmoil making companies reticent to give predictions, investors wait in the dark for an update or a quarterly conference call. Even if we don’t know whether this is a true rebound, or merely a dead-cat bounce, at least there’s more timely data available to examine.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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KeyBanc Upgrades Qualcomm On Potential Benefit From HiSilicon Ban
Qualcomm, Inc. (NASDAQ: QCOM) could be a beneficiary of the recent export restrictions placed on Chinese semiconductor manufacture HiSilicon Technologies, according to KeyBanc Capital Markets.The Qualcomm AnalystKeyBanc's John Vinh upgraded Qualcomm from Sector Weight to Overweight, with an unchanged price target of $105.The Qualcomm ThesisWith the restrictions placed on HiSilicon, Huawei will be unable to procure new silicon internally and may turn to Qualcomm's Snapdragon chipset for its flagship 2021 smartphones, Vinh said in the note.This will require Qualcomm to obtain an export license from the Bureau of Industry and Security (BIS). The analyst added that the license is likely to be granted and could be accompanied by a licensing agreement between Huawei and Qualcomm.Vinh expects this to add an incremental $2.33 billion to Qualcomm's revenues and $1.13 per share to its earnings. He raised the revenue and earnings estimates for fiscal 2021 to from $23.7 billion to $27.9 billion and from $4.85 per share to $6.64 per share.The analyst said Qualcomm stands to benefit even if the export license is not approved. He explained that the license not being approved will impact Huawei and other Chinese smartphone manufacturers, which are already Qualcomm's customers and licensees, will gain share.QCOM Price ActionShares of Qualcomm traded higher by 1.2% to $80.25 at time of publication Thursday.Related Links:3 Top 5G Semiconductor Stock Picks From BofAQ1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their PortfoliosLatest Ratings for QCOM DateFirmActionFromTo May 2020KeyBancUpgradesSector WeightOverweight May 2020Wells FargoInitiates Coverage OnUnderweight Apr 2020Canaccord GenuityMaintainsBuy View More Analyst Ratings for QCOM View the Latest Analyst RatingsSee more from Benzinga * Qualcomm Is A Victim Of Its Own Success, Says Bearish Wells Fargo(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Arm Offers Faster, Customizable Design to Help Android Phones
(Bloomberg) -- Arm Ltd., whose technology is a key component of chips that run most of the world’s smartphones, is offering new designs aimed at boosting the performance of Android handsets.The U.K. company said its new A78 model will offer a 20% increase in performance over its predecessor and announced a new Cortex-X program that will help chipmakers customize their offerings to deliver bursts of as much as 30% more processing speed.Arm offers chip designs and licenses the fundamental code used by processors to communicate with software that runs phones. Most Android phone makers use chips from Qualcomm Inc. or Mediatek Inc. Samsung Electronics Co. and Huawei Technologies Co. use those chipmakers’ components and their own products. Apple Inc. is an Arm licensee, but designs its own A series processors that are typically rated the speediest available.The customization that Apple has been able to bring to its own combinations of software and hardware has allowed it to claim performance leadership over phones that run Alphabet Inc.’s Google Android operating system. Such claims feature heavily in Apple’s marketing of the iPhone.“The pace of increasing performance in smartphones exceeds that of any other computing device category in the industry today,” Arm said in a statement. “To address this insatiable demand for the highest performance possible, we’re introducing a new engagement program called the Cortex-X Custom program to give our partners the option of having more flexibility and scalability for increasing performance.”Cortex X will let chip and phone makers add a different mix of cores to the combinations of components that run major smartphone functions. Current designs feature uniform sets of cores and more power-efficient ones that are used to maintain background functions without draining the battery. Arm’s new offering changes this approach. An X core might kick in for a short time, for example, when a piece of software is demanding the absolute maximum performance the chip can provide.Cambridge-based Arm is a division of Japan’s SoftBank Group Corp. Like other companies that rely on the smartphone market, Arm is looking for ways to help spur demand for the devices. The market already had stalled before the Covid-19 outbreak curbed sales and disrupted supply chains. In the first quarter of 2020, smartphone shipments dropped 12% from a year earlier, according to IDC.In addition to more powerful and efficient designs for the handsets, the smartphone industry is banking on faster fifth-generation, or 5G, networks to persuade consumers to upgrade their phones.Arm is also offering a new graphics chip design that will handle video and gaming content better, and updated machine-learning capabilities to help with artificial intelligence workloads.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.
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Top Analyst: Huawei Ban Could Benefit Qualcomm
Qualcomm (QCOM) is positioned close to the eye of the macro storm. A heavy reliance on China and uncertainty concerning near-term smartphone supply and demand dynamics have contributed to a difficult 2020 for QCOM, with shares down 12% year-to-date. However, despite renewed tensions between the U.S. and China, Qualcomm could actually benefit from the worrying developments, so says Canaccord Genuity analyst Michael Walkley. The recent Department of Commerce ban on Huawei, preventing it from purchasing semiconductors from U.S. companies, has ignited fears of retaliatory moves against companies such as Apple and Qualcomm. That being said, Qualcomm’s management noted Huawei is not a significant customer. In fact, Walkley argues the move could be good for the chipmaker. “We view any Huawei smartphone share losses, which are likely with it not gaining access to Android software, as a benefit to Qualcomm as its leading QCT customers such as OPPO and Vivo are likely to gain market share from Huawei,” said the 5-star analyst. While there’s a risk of a Chinese retaliation, Walkley notes that a large number of Chinese OEMs are dependent on Qualcomm in order to compete with tech giant Huawei. And with ambitions to sell more global smartphones, Qualcomm is the “primary to only choice in certain markets for these OEMs to have working products.” Furthermore, Walkley believes Chinese semiconductor company HiSilicon (owned by Huawei) cannot currently sell its modems to Qualcomm’s Chinese OEM customer base. If trade tensions negatively impact Huawei’s HiSilicon business, Qualcomm could benefit as Huawei loses both market share and the “ability to eventually compete in the merchant market,” if HiSilicon is stopped from making innovative chipsets at TSMC. Walkley summarized, “While the escalating China and U.S. relations is a concern to monitor and likely adds to the delays for Qualcomm in reaching an agreement with Huawei, we believe Qualcomm could come out as a net beneficiary if Huawei is adversely impacted since Huawei doesn’t use material volumes of Qualcomm chipsets and does not pay royalties currently.” Bearing this in mind, the 5-star analyst rates QCOM a Buy and has a $102 price target on the shares. There’s upside of 31% should the target be met in the coming months. (To watch Walkley’s track record, click here) The analyst community remains cautiously optimistic when considering Qualcomm’s prospects. A Moderate Buy consensus rating is based on a mix of 8 Buys, 7 Holds and 2 Sells. The average price target hits $86.86 and implies possible gains in the shape of 11%. (See Qualcomm stock analysis on TipRanks)
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Samsung Electronics breaks ground for sixth domestic contract chip manufacturing line
South Korea's Samsung Electronics Co Ltd on Thursday said it has broken ground for its sixth domestic contract chip production line, which will make logic chips as part of efforts to reduce its reliance on the volatile memory chip sector. Samsung is taking on bigger rival Taiwan Semiconductor Manufacturing Co Ltd (TSMC) in the contract manufacturing business, where it competes to win orders from customers such as Qualcomm Inc. Samsung broke ground earlier this month and plans to start production in the second half of next year.
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Samsung Takes Another Step in $116 Billion Plan to Take on TSMC
(Bloomberg) -- Samsung Electronics Co. has begun building a cutting-edge chip production line intended to help it take on Taiwan Semiconductor Manufacturing Co. in the business of making silicon for external clients.South Korea’s largest company said it’s started construction on a 5-nanometer fabrication facility in Pyeongtaek, south of Seoul, dedicated to its made-to-order foundry business, an arena TSMC dominates. Based on the Extreme Ultraviolet Lithography or EUV process, Samsung expects the fab’s output to go toward applications from 5G networking to high-performance computing from the second half of 2021, it said in a statement.Samsung, the world’s largest maker of computer memory, smartphones and displays, in 2019 outlined its aim of spending $116 billion to compete with TSMC and Intel Corp. in contract chipmaking, making silicon for customers like Qualcomm Inc. or Nvidia Corp. Its announcement on Thursday coincides with the announcement of restrictions on the sale of semiconductors made with American gear to China’s Huawei Technologies Co., a constraint that threatens more than a tenth of TSMC’s business.“This will enable us to break new ground while driving robust growth for Samsung’s foundry business,” ES Jung, head of the contract chipmaking division, said in a statement.Read more: Behind Samsung’s $116 Billion Bid for Chip SupremacySamsung first unveiled its expansion blueprint in April 2019, outlining at the time its goal of hiring thousands and ramping up investment in logic chips in the years leading up to 2030. That initiative arose as sales of smartphones and consumer electronics plateaued and competition from Chinese rivals depressed margins.EUV is the latest and most advanced chipmaking method, requiring machines costing tens of millions of dollars and delivering better precision and performance in the chips it produces. TSMC and Samsung, through its spending plan, are the leaders in developing that process and expanding into 5nm and smaller manufacturing nodes.Before the arrival Covid-19, Samsung had begun collaborating with major clients on designing and manufacturing custom chips and that work was already starting to add to its revenue, a Samsung executive has said. The company’s newest fab in Pyeongtaek joins another 5nm facility in Hwaseong that will begin production in the second half of this year.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.
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