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I saw the same thing you did...I interpreted it as a forced short covering ...right at margin time....for all we know...the short got passed on from one account to another....all I know...is they are too deep into this stock at this point in time...I'm not sure what their end game is going to look like
Teecee56, on May 18th 760K of shares traded were short.
vegas....thats a healthy increase from 2.7myn......there was a capitulation trade last week on the high volume day....might be slightly lower as of today
Time to crank up the stock buyback program.
Vegas Options - Yes and YES. But, if the price exceeds the conversion per share equivalent prior to the bond issue maturity date (June 2027), buying the bond provides more value to the company. JMHO
Gamco, If the company has to wait until then, doesn't it make more sense for them to buy 2M shares back now at this price?
Vegas Options - just wait until the price of the common stock exceeds the 130% conversion cap regarding the bond issue.
Best luck to all and I hope everyone has a safe Memorial Day weekend.
Gamco, tell me where I can buy them at par and I will.
Vegas Options - The bond holders at maturity get credit for the same dollar amount as common stock holders got paid in dividends. Example: a $1,000 bond received $35 interest annually plus credit for that years dividend paid at maturity. Conversion rate per $1,000 bond is stated to be 12.9041 shares, so bond holders receive credit or $18.06574 (12.9041 shares × $1.40 annual dividend). Assuming the dividend rate per year remains constant at $1.40, the annual return for a $1,000 bond would be $35 interest paid currently plus $18.07 paid at maturity or a dollar return equal to $53.07 annually.
Those bond holders also have the leverage of the sliding conversion rate which is capped at 130% of the initial stated conversion rate in the bond indenture. That leverage diminishes at the stock approaches $101. The bonds then should theoretically trade at par.
All just my humble opinion.
Gamco, No. The bonds decay equal to the dividend rate. At maturity they will convert at $70 and are hedged up to $125. Also you can not buy the bonds at the current stock price as they trade at a sizable premium. If you think about it, what would you pay for a 4 year option at $70 that pays you 3 1/2% per year... It is much cheaper to just buy the stock.
Glen you could buy the converts.back...and sell off the hedges...lots of flexibility on things that can be done within the cap structure...when your flush with cash
Vegas options - after 130% of the $77.49 conversation price (approximately $101) won't the convertible bonds be cheaper than the price per share above $101?
Gamco, why would you want to buy the convertible bonds when they are hedged to$125 ?
I wish that I could answer of the questions that you have presented. But I can't.
One of my questions is can funds authorized of the stock buyback also be used to buy some of the convertible bonds?
How long will IDCC continue the stock buyback? Will IDCC redeem the notes on or after June 5, 2025? What will the stock price be on or after June 5, 2025? Stock price of $100.737 is 130% of the $77.49 conversion strike price. Is it reasonable to assume that IDCC has a specific number of shares targeted for buyback in anticipation of a redemption on or after June 5, 2025? Is reasonable to assume IDCC has some type of end point/game for the stock buyback? If so, what is it?
More questions than answers. Good luck to all longs...let the upward rise continue!
InterDigital Announces Upsize and Pricing of Private Offering of $400 Million of 3.50% Senior Convertible Notes
imm....on a technical basis....this is what my favorite type of chart says
https://stockcharts.com/freecharts/pnf.php?c=IDCC,PWTADANRBO[PA][D][F1!3!!!2!20]
point of interest...5 o'clock charlie made an appearance last evening....he put in an 85.87 print at 4.51pm....well beyond the high of the day....you gotta believe!!!!
InterDigital’s Energy Aware Media Team Awarded Best Full-Length Paper at the ACM Mile High Video Conference 2023
MAY 19, 2023 / POSTED BY: INTERDIGITAL COMMS
Congratulations to InterDigital’s Energy Aware Media team for being awarded Best Full-Length Paper at the ACM Mile High Video Conference 2023!
The paper “Energy-Aware Images: Quality of Experience vs Energy Reduction” was produced by members of InterDigital’s Video Lab, including Olivier Le Meur, Claire-Hélène Demarty, Erik Reinhard, Franck Aumont, and Laurent Blonde, and together they propose a new framework for analyzing and processing video frames that allow modern screens to use less energy when displaying these frames.
In their analysis, the InterDigital team considers two use cases: one whereby the energy is reduced as much as possible under the constraint that visual quality is maintained, and another where the highest visual quality is sought under the constraint of a fixed reduction of energy use.
You can learn more and read the complete paper here.
For more information about InterDigital’s research and contributions to energy aware media, please click here.
@InterDigitalCom, leader in #wireless evolution from #5G to 6G, will contribute to the identification of requirements that will help to define an overall reference architecture design of PREDICT-6G.
May 15, 2023
https://predict-6g.eu/team/
IMM, there is only one rule that always applies, "No matter what you do, you will regret..."
What's this board's consensus as to the share price one week from today?
I sold some covered 75 calls when the share price had a 60 handle.
Buy to cover, or let the shares go and repurchase next week?
History tells me that shares will be cheaper net week.
IDCC may have the technology Meta needs for its MSVP ASIC (Application Specific Integrated Circuit) chip.
Interdigital Deep Video and M2M Compression
Looks like about 150K shares will change hands today through options on close.
IMO if IDCC has what Meta wants, the stock could worth over 200..
High Efficiency Video Coding (HEVC) Is what IDCC is working on and just signed Alps Alpine to license its HVEC technology. Could be a very big license win if IDCC’s HVEC software technology is included in Meta’s MSVP chip.
I don't pretend to know if the following paragraph describes what InterDigital has been working on with the video standards community but.......
________________
"One of the new computer chips, the Meta Scalable Video Processor, or MSVP, is used to process and transmit video to users while cutting down on energy requirements. Bjorlin said "there was nothing commercially available" that could handle the task of processing and delivering 4 billion videos a day as efficiently as Meta wanted."
https://www.cnbc.com/2023/05/18/meta-pulls-the-curtain-back-on-its-ai-chips-for-the-first-time.html
Oh boy ...huge volume....right at California margin time...my guess is shorts have been decreased by incarceration....it's the old double edge sword...less of their buying power...but we're on a big roll...shorts are still 20 yards offsides....and it ain't gonna get easier for them....tally ho ...young gentleman!!!
IMO a $1 increase in the annual dividend is not out of the question in the next 12 months especially when/if the share price nears $90-$100. Mgmt has commented during several prior conference calls how they are pleased with the greater than 2% dividend payout to current share price. To be consistent, mgmt will need to maintain that greater than 2% dividend payout with the increasing share price going forward. In addition if mgmt wants this stock to be a potential dividend play, current US Treasury 4-week T-bills are now paying over 5%. The reduced share count upon completion of the current stock buyback while allocating the same amount of cash/budget for dividend payout as before the start of the stock buyback will make that additional $1 in dividend easier to achieve. IMO, the recent projected revenues until 2027 and thereafter are for Lenovo and Samsung only. It does not account for other outstanding future licensees like OPPO paying up and taking a license along with increasing revenues from video (Alps Alpine Co), IOT, Avanci (Samsung just signed with Avanci), and any revenues from other licensed technologies.
some big prints just came through...tripled the volume on the day
teecee56, I use Fintel because it picks up a lot of the hedge funds in their institutional count. 566 institutions 27.97M shares 104.6%. Nasdaq 289 Institutions 25.415M shares 95.04%
Monterey, what makes you think they would raise the dividend by70% when they haven't raised the dividend for many years?
The forward annual dividend yiwls ia 1.70% at today's price level and is well below the yields of dividend paying utilities.
Any profits they earn will only be used to buy back shares. It would be a miracle if they raised the quarterly dividend by a poultry $0.05 per share.
Fish, I am looking for a $1 increase in the annual dividend in the next 12 months with the reduction in the share count. Personally I can live comfortably on my dividends and social security check. I have no plans to sell for another year and if the dividend is increased by that $1 then I may just pass on the stock itself (without selling) to my beneficiaries allowing them to decide their price point to sell using a step up in (higher) cost basis. This is JMHO and is not intended to be financial advice.
At the right price point to sell, I will happily give the tax man his share. Long time share holder.
Fish,
There are many of us long timers in the exact same position. However, with this leadership and a budget deal we could very well see that 100+ again!
Eagle
What to do with my shares ----
21,700 shares, (16,600 in joint account and 5,100 in IRA) with average cost of $6.21.
Haven't sold or added in a long time. Love the dividend (although it should be increase in my opinion). Should have bailed when it hit $100+ but was too greedy and didn't want to pay taxes on gains. Don't understand or do options, so my issue is what to do to protect my gains in the event of the market tanking, especially if there is a Debt Ceiling Default in June.
Wish there was a way I could sell now at a gain and buy back at a lower price in 30 days if market tanks. Wish there was a 'reverse wash sale' to establish a higher cost basis while taking a profit and not paying taxes on the gains.
I am down to 3.5k which is about a quarter of what I once had.
6K share here!
Tomcat
First 500 shares bot in 1994!
InterDigital and Philips to Showcase Video-Based Immersive Codecs and Content Creation Pipelines Enabling XR Opportunities at AWE USA 2023
Company Release - 5/17/2023
WILMINGTON, Del., May 17, 2023 (GLOBE NEWSWIRE) -- The roll-out of high speed and high bandwidth mobile networks like 5G, and the growing popularity of XR-based use cases is driving the media industry to explore the creation of new and exciting immersive experiences, while pushing engineers and inventors to develop efficient and standards-based solutions that can deliver the data-rich content that is demanded. InterDigital, Inc. (Nasdaq: IDCC) announced its upcoming showcase at AWE USA 2023 with Philips to demonstrate how volumetric video-based codecs and creation pipelines enable increasingly immersive and XR-driven volumetric video experiences. The conference and expo will take place in Santa Clara, California from May 31 – June 2, 2023.
The MPEG Visual Volumetric Video-based Coding (V3C) standard defines the general mechanism for coding and streaming volumetric content. Volumetric video is comprised of a sequence of frames, each a 3D representation of a real-world object or scene capture, and thus requires coding standards to compress the content for delivery. InterDigital and Philips jointly collaborate on V3C immersive codecs to enable the delivery of XR content, leveraging InterDigital’s expertise in immersive codecs, including video point cloud compression (V-PCC) and MPEG immersive video (MIV) extensions, alongside Philips’ expertise in MIV extensions and its contributions in critical six degrees of freedom (6DoF) immersive codec and content creation pipelines for 3D reconstruction and rendering.
Located at Booth 520, InterDigital and Philips will demonstrate the application of their codec and content creation pipelines for use cases like telelearning. Specifically, InterDigital will showcase MPEG-I Haptics and Scene Description standards enabling sensory-enhanced and interactive experiences to be more efficiently streamed and Philips will demonstrate content creation pipelines for sports and live telepresence technologies. Together, the partners will spotlight their contributions to the MPEG-I V3C standard as well as the first implementation of the V3C Immersive Video Decoder Platform. The codec technologies and content creation pipelines can be applied to a range of XR experiences, allowing innovators to explore immersive content creation for real-time telepresence using depth and color cameras, or sports and media applications using color cameras and prior geometric information.
“Video codecs remain a pivotal steppingstone to enjoying increasingly immersive content and our research helps to unlock new ways of engaging in the XR ecosystem, be it through media consumption, telepresence, or an experience we have yet to imagine,” said Lionel Oisel, VP of Video Labs, InterDigital. “Collaborating alongside Philips ensures our unique expertise develops innovation that unlocks greater efficiency and outcomes for volumetric content and XR-enabled experiences.”
“Next to solutions that offer synthetic avatars and CGI based virtual realities, there is a growing need for a more natural and real video representation for immersive experiences, where it will be key that they assure interoperability, efficient delivery and low latency,” said Ronald Schimanofsky, Director Business Development IP Licensing, Philips Intellectual Property & Standards (IP&S). “Our collaboration with InterDigital helped us to promote and enable industry adoption of the V3C standard and its immersive profiles to answer the ever-growing interest in real volumetric video, next to synthetic representations of the reality.”
InterDigital and Philips will showcase at AWE US at Booth 520 from May 31 – June 2. In addition, InterDigital’s Video Solutions Director Valerie Allie and Philips Group Innovation Senior Scientist Christiaan Varekamp will deliver a talk on “Immersive Technologies: From Capture to XR Experiences,” providing an overview of the immersive codecs within the MPEG V3C standard that enable efficient volumetric video-based media streaming in applications like telelearning. The presentation will be delivered on Thursday June 1st at 2:00pm CET in Grand Ballroom F. Learn how to attend here.
To learn more about AWE US, please click here.
Israt, Every quarter hedge funds move in or out. This quarter 20 more funds joined the fight and the company reduced share count by over 10%. Insiders own about 2% and individual shareholders about 10%+. All the shares above 100% are supplied by shorts. Buying pressure comes from anyone that decides to join the fray or shorts that want to get out. Another source is if the company deploys the $177 M left in the buyback....
Stupid question. If the institutional ownership is already 94% or 102% where is the buying going to come from to send the stock price higher?
israt
vegas....not sure that number is accurate ....i see the site where it came from....could be some late reporting still to be done...nasdaq site has institutional ownership at 94%...either way....its very high.....and there is very little retail interest left from the old days...myself i only have less than 10% of what i owned in the early 2002 after the first run up in 99/2000 and the subsequent crash
There must not be many of us retail longs left.
As of today Institutional ownership 27.87 M shares. 104.2% of shares
30-Mar-23 inc/dec 30-Dec-22
BlackRock Inc. 4,789,829 (327,552) 5,117,381
Vanguard Group 3,360,104 (114,558) 3,474,662
Dimensional 1,031,916 65,217 966,699
State Street Corp 1,012,891 (14,115) 1,027,006
Disciplined Growth 725,886 (65,514) 791,400
Boston Partners 689,518 (21,913) 711,431
Boston Trust 644,966 29,953 615,013
Shannon River 642,638 150,890 491,748
Geode 562,736 1,022 561,714
D. E. Shaw 530,792 137,633 393,159
Renaissance 526,390 (150,521) 676,911
Neumeirer 429,310 (14,760) 444,070
B of N Y Mellon 424,035 (22,524) 446,559
Chas Schwab 369,975 (16,404) 386,379
Goldman Sachs 321,349 321,349 0
Northern Trust 315,493 (15,033) 330,526
Capital Mgt 0 (398,159) 398,159
FIL Ltd 0 (1,150,976) 1,150,976
Load Up on These 5 Exceptional Relative Price Strength Stocks
Nilanjan Choudhury - ZACHS
Tue, May 16, 2023 at 6:00 AM CDT
IDCC: This is a pioneer in advanced mobile technologies that enables wireless communications and capabilities. The 2023 Zacks Consensus Estimate for Wilmington, DE-based IDCC indicates 96.7% year-over-year earnings per share growth. InterDigital has a VGM Score of A.
Over the past 30 days, InterDigital saw the Zacks Consensus Estimate for 2023 move up 118.1%. It beat the Zacks Consensus Estimate for earnings in each of the last four quarters. IDCC shares have moved up 36.6% in a year.
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