2017-01-25

Qualcomm $QCOM Quandary, Q1 FY17 Earnings, LIVE Webcast Jan 25

Breaking: Dow Jones Industrial Average (DJI) Record Close: Trump Rally Reignites:
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Qualcomm Faces U.S. Antitrust Case:

U.S. (FTC) antitrust suit against Qualcomm for allegedly using unfair practices in the way it licenses its technology. Bloomberg's Ian King and Cory Johnson discuss on "Bloomberg Technology," January 17, 2017.

 $QCOM
$QCOM UP 15.59% since Jan 25, 2016 (source: google.com, Jan 24, 2017)
Qualcomm Incorporated is a US-based (San Diego) multinational semiconductor and telecommunications equipment company that designs and markets wireless telecommunications products and services. The parent company includes the Qualcomm Technology Licensing Division (QTL). The wholly owned subsidiary, Qualcomm Technologies, Inc. (QTI), operates substantially all of Qualcomm's R&D activities, its product and services businesses, including its semiconductor business, Qualcomm CDMA Technologies.
Jan 25, 2017 4:45 pm ET: Qualcomm Q1 FY17 (Q4 2016) Earnings Conference Call Webcast
Listen to webcast -- Executive Presentation (pdf 227.4 KB) -- Q1 EPS of $1.19 beat consensus estimate by $0.01 and revenue of $6B (+4.0% Y/Y) missed by $120M. News release (pdf).

Apple vs. Qualcomm
In the news:
  • Qualcomm Comments on Apple Complaint | Qualcomm.com: "... Apple’s claims are baseless. Apple has intentionally mischaracterized our agreements and negotiations, as well as the enormity and value of the technology we have invented, contributed and shared with all mobile device makers through our licensing program. Apple has been actively encouraging regulatory attacks on Qualcomm’s business in various jurisdictions around the world, as reflected in the recent KFTC decision and FTC complaint, by misrepresenting facts and withholding information."
  • Qualcomm Responds to Complaint from U.S. Federal Trade Commission | Qualcomm.com: "The FTC’s allegation to the contrary -- the central thesis of the complaint -- is wrong."
  • Qualcomm: Apple War Could Ravage Chipsets Or Licensing Fees - Qualcomm Inc. (NASDAQ:QCOM) | SeekingAlpha.com: "Qualcomm has a $32 billion war chest - a $1 billion lawsuit would not have a material impact on the company. However, a reduction of its licensing fees could."
  • Qualcomm weighs countersuit against Apple | SeekingAlpha.com
  • Qualcomm Responds to Announcement by Korea Fair Trade Commission | Qualcomm.com: "Decision Not Effective Until Final Written Decision is Issued — Qualcomm will Vigorously Defend Itself and Seek an Immediate Stay When Final Decision is Issued — Dec 27, 2016"
  • Excerpt from Apple's complaint"Apple has been indirectly paying Qualcomm licensing fees since 2007, when it released the iPhone. Apple became even more reliant on Qualcomm in 2011 due to Apple's desire to release an iPhone that could connect to CDMA networks, such as Verizon's. For many years, Qualcomm ensured that it was the only possible supplier of CDMA chipsets, and it remains so today for the chipsets used in Apple's flagship iPhone product line. As a monopoly supplier of an essential input, Qualcomm had the power to constrict and disrupt chipset supply, which (coupled with Qualcomm's refusal to enter into industry-standard supply agreements that would have guaranteed supply to Apple, absent unusual or unforeseen circumstances) would have been disastrous to Apple's business."
  • When To Buy Qualcomm? - Qualcomm Inc. (NASDAQ:QCOM) | SeekingAlpha.com"Investors generally purchase a stock for two reasons: capital appreciation and dividends. So, the astute long-term investors who are not worried about the noise will likely enter the stock as it heads lower keeping the increasing dividends in mind. QCOM is a gem of dividend-growth stock."
Upcoming Event: Mar 7, 2017 12:30 am ET 2017 Annual Meeting of Stockholders--Location: Irwin M. Jacobs Qualcomm Hall, San Diego, CA--Listen to webcast--2017 Proxy Statement (pdf 1.2 MB)
Infographic: Top 10 U.S. Companies by Amount of Cash Held* | Statista
source: Statista (year-end 2015) #1 Apple, #10 Qualcomm

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