To hear Qualcomm (QCOM), it welcomes the upcoming ITC hearings on patent problems between it and Broadcom (BRCM). Broadcom is asking that certain QCOM chips be banned from the US. The ITC has already said that Qualcomm infringes on a Broadcom patent.
Qualcomm’s stock did not get any lift from the news. It is trading at about $35.60 at 10.20 AM New York time, flat with yesterday. Last May, the stock was close to $53.
The initial reaction over at Broadcom was negative. The stock dropped from $34.50 to $32.19. But, that was probably an overreaction. The stock is back up slightly today.
Over the last three months, both stock are up about 5%. But, after the ITC hearings that could change. With a "win" on the patent issue, Broadcom would already seem to be in a good position to argue its point. Long term, that is not good for Qualcomm.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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