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Tuesday's have traditionally been a big announcement day for idcc. Here's hoping for an agreement with a well known North American company.
Happy Holidays to my online family here at IH. You guys are the greatest! eom
Conflict of Interest? Health? eom
BTW Jim Did you speak with
Corpgold?
I want a homerun for Christmas
IMHO I'm viewing "a listing of the sealed documents" simply as titles of topics that will make it clearer to the arbitrators which files, if any, are pertinent to the arbitration. Ideally this narrows, or stops, fishing expeditions.
Neither Nokia, nor even the arbitrators, are going to get their hands on any sealed doc on a whim. IDCC and ERICY are preparing the titles.
It will be hard for Nokia to get around the fact that they had ample opportunity to set their own rate before ERICY but chose to wait on that decision.
GE_Jim Keep up the good work. I don't understand it well but I can learn. I think what you present is and has been useful to the board.
Adding to goblue's question, if the motion is denied, does the arbitrator still have any power to open the case on his/her own?
GE JimNice step into the sewer. You should have resisted the temptation
Loop do you not think that we had this wrapped up. This is the new Idcc not the old idc
And remember, it's "binding arbitration" with Nokia if arbitration happens at all. IMHO, IDCC had this locked up and ERICY was the final piece. I think NOK has little room to wiggle.
Plus, Nokia could have locked in a rate before ERICY but "they" elected to tie the rate to ERICY. Wouldn't you think IDCC has a slew of documents supporting all this. Wouldn't you think after the harsh lessons of MOT that they made sure to include specific language? They had enough years to get it ready!
The second guy who spoke in defense of espy was named Joe (didn't get the last name)
When asked why we settled for 34 million Harry looked for someone to take the question, I think Merritt deferred or looked unready (that's a memory part, not notes) and Howard stepped up. He gathered himself and said it was a business judgement, he said he couldn't share everything but it was a risk judgement. He said the deal was a momentum builder and that Sony/Ericsson would have been separate from Ericsson. (I think this inferred that we'd have to go after them seperately in the courts). He also said you never can tell about a jury trial.
Ditto Ronnie , Don't go, you're valued here. This options business has been testy and surprising looooooooong lasting. I think it's rare for Jim to get that mad but you've got to hang in here. It's the best IDCC board there is and you've been a big part of it as a quality poster. Peace.
Are we in S-Gold or just M-Gold? I know Data had a post last week clarifying something along these lines but I haven't found it yet? TIA
Shouldn't Phillips owe us money for 2G? At yesterday's meeting, I felt bald Harry was taken aback by the abject, but possibly warranted, criticism. He looked to be caught off balance and reacted emotionally like he was hurt. Think of this. Of all the meetings over the years in which he's presided, this is the first where everything is going great. I'm sure he expected a better feel from shareholders. He admitted that he should have approached prop 2 differently. But after all those years of meetings with the stock priced at 4 or 6, he shows up at 27 and gets critized for most of the questioning.
Additionally I thought Howard's answer to Bill d's question about where we fit in Wi-Fi was excellent. To summarize, he felt the upside was that wi-fi would introduce the consumer to the pleasure and convenience of wireless. When that consumer demands that this convenience would be available in a mobile environment that's when IDCC steps in.
After Motorola and Ericsson you can bet that the writing of contracts was micromanaged. I was tempted to say airtight but there's always something. My point is the only wiggle room is the wiggle room that was intentionally put in.
Am I seeing 40,500 shares at $25.70 going through at 17:00? eom
Doesn't IDCC have an office in Melville?EOM
Seeing that Ubinetics was our last 2G license, signing many moons ago, does anyone anticipate, with the resolution of Ericson, additional 2G agreements soon? Do you think that 2 G agreements will be separate from or part of a 3G license? Any predictions for who will be the first to sign and when?
re; first to market for Nokia.
What if IDCC came to an agreement with another manufacturer without a rate set. Their technology could be sold and sales would accrue?
Ed, it's arguably the best signature on the board. A funny commercial! About options, I always felt that management had rewarded itself generously and if the produced it would be worth it; and if they didn't it would be theivery. So they produced, and we shareholders did okay. Previous options were fair, maybe more than fair.
So if these coming options are about a reward, then they're wrong and should be shot down. If they're about we're going to create even more shareholder value then they are reasonable.
They've already been rewarded for Nokia/Samsung having had cashed options for many years prior to. I will undoubtably vote no unless these option are exercisable over 45. How will we find what the strike price would be?
Mickey, I disagree with your comments about Data. I don't feel threatened by him. I feel he offers good info on IDCC. He doesn't jam his QCOM opinions down anyone's throat. In fact, he rarely initiates that type of comment. It's always in response.
His arguments and opinions have been consistent. It's a big pie and he feels that many companies will benefit.
Let me also add that he doesn't lose his temper, rarely his patience, and is funny.
There are others more deserving of your ire.
OT Let's Go Flyers! EOM
New York Times April 8, 2003
Player in Cellular Phone Market in Europe Predicts Consolidation
By ERIC SYLVERS
ILAN, April 3 — In his four years as head of Italy's largest mobile telephone company, Telecom Italia Mobile, Marco De Benedetti has had to keep a close eye on Europe's cellphone market — so close that 14-hour workdays are the norm.
During much of his tenure as chief executive at the company, which has more domestic clients than any other European cellphone concern, the industry has had little in the way of mergers and acquisitions. Now, he says, that is set to change.
"Consolidation is inevitable," Mr. De Benedetti, 40, said in an interview at the Milan offices of Telecom Italia Mobile, part of Telecom Italia Group. "Most European countries can support only three mobile phone companies. The first two can make a lot of money splitting an 80 percent market share, and if there's one operator left, he can make a decent living. But if you have a situation, like in Germany, where there are three companies fighting for the last 20 percent, nobody is going to make it."
Four of Europe's five biggest mobile phone markets have more than three operators, and some have as many as six.
Mr. De Benedetti, who also spent 10 years at Olivetti, which used to own Italy's No. 2 mobile phone company, opened this round of consolidation late last year when Telecom Italia Mobile bought Blu, Italy's smallest cellphone operator. He said that even though Telecom Italia Mobile is almost debt-free, he does not plan to play a further role in any consolidation.
The company, which has 25 million clients in Italy and 46 percent of the market, has actually been shrinking its European presence. Over the last two years it has sold stakes in mobile phone companies in Spain, France and Austria after failing to take control of them.
Mr. De Benedetti sees Germany as the most likely terrain for the consolidation to begin. The country's two biggest cellphone companies, T-Mobile and Vodafone, together have a market share of 80 percent, while E-Plus and O2 split the rest. Add to that Mobilecom, which bought a new license, and Group 3G, which stopped building its network.
By Mr. De Benedetti's reasoning, Austria, Denmark, Finland and the Netherlands could also be ripe for consolidation. While Britain is something of an exception because it has four companies with a market share of about 25 percent each, a new company is set to enter the field in the coming months.
Blu and other late entries faced the same problem: the few clients they managed to sign up tended to be small spenders and people who already had cellphones. Number "portability" — which allows people to change service providers while keeping the same number — was introduced last year in Italy, and though it was hailed as an equalizer for new entrants, it has had little effect.
In addition, most newcomers took on debt to buy permits to use the Universal Mobile Telecommunications System. Companies have said they cannot afford to be without this new technology, which allows quicker Internet access as well as the transmission of music, video and photos.
But with clients slow to arrive, that debt is taking its toll. The companies found themselves billions of euros in debt with few or no clients, and that billions more euros were necessary to complete the networks. The late rollout of the networks, which have come into limited use this year, compounded the debt problems.
While there has been euphoria about the telecommunications system, it has nearly led to a crack in the European banking system, with many financial institutions overexposed to mobile phone company debt. Many executives still talk endlessly about the telecommunications system and the changes it will bring, but Mr. De Benedetti is loath to speak about this or any other technology and prefers to discuss the services he says will keep Telecom Italia Mobile successful.
Mr. De Benedetti, who was educated at the Wharton School, sounds what might be words of forewarning for both himself and his rivals: "We must not confuse what you can do with what customers will do. I can have you watch a movie on your cellphone, but are you going to do it? Of course not. At most you are going to watch one minute of video on your phone."
With almost all potential clients already signed up — Italy's 57 million inhabitants, for example, have 53 million cellphone contracts — it will be through new services that industry rivals will battle it out for supremacy, Mr. De Benedetti said.
Companies are already sprinting to be first to introduce services like photo messaging. Telecom Italia Mobile beat the pack in allowing clients to attach photos to their text messages, a service that provided an unexpected boon for the company and its rivals, which followed soon after with the same service.
Despite the early success of photo messaging, Mr. De Benedetti is cautious: "We aren't going to see the emergence of a killer application. Instead, there will be a behavioral change in which people will slowly begin to use their cellular phones for things that used to be the domain of other electronic devices."
He gives the example of traffic reports broadcast on the radio. Telecom Italia Mobile offers that service with the added advantage that it can be personalized for reports and maps only on areas of the city that interest the client.
Copyright 2003 The New York Times Company / Privacy Policy
Thanks Clarence I agree eom
The company probably isn't saying what Corpbuyer said because there's no one statement that could cover all possible solutions/outcomes. They say it, they're locked into it. I think IDCC make the only practical comprehensive statement they could in the 10K
No, and until you do you won't see Nokia , Samsung finalized. I wonder how long it'll take for Ericy to be signed, sealed, delivered?
Norfolk $53.50 Thx EOM
Looks like someone crunched the numbers and thinks it looks good.
Thanks Jim. EOM
My3sons, Can't they just use a calculator?
IMHO Filing a complaint with the SEC would not be a material event. An agreement that would cause a change might be. I think at this stage, with so many positive events to occur, any rumbling of information has to be viewed as a positive or neutral. An 8-K is a current update of the kind of info published in a 10-K
Ericsson Taken Aback by Moody's Downgrade
By REUTERS
Filed at 7:42 a.m. ET
STOCKHOLM (Reuters) - Telecoms equipment maker Ericsson expressed surprise on Tuesday after ratings agency Moody's Investors Services consigned its long-term debt deeper into junk territory.
The downgrade by two notches to B1 -- Moody's fourth highest ``junk'' grade -- from Ba2, with a negative outlook, initially hit the loss-making Swedish group's stock, but it soon rebounded to trade flat. Its bonds also held their ground.
Ericsson said it stuck to guidance issued earlier this month after Moody's expressed concern about the rate of revenue decline.
``I can... confirm that we have the same view of the market today as we had when we announced our (full-year) result, we haven't changed anything,'' said Ericsson spokeswoman Pia Gideon. ``We are quite surprised.''
``We stick to the forecasts we have announced earlier. We have the same view of the market.''
She said the downgrade would increase debt-servicing costs by only 110 million crowns ($12.95 million) annually.
Ericsson shares, which plunged last year and have lost seven percent so far in 2003, outperforming the DJ Stoxx tech index by 11 percent, first fell four percent on a negative Stockholm bourse, but were flat at 6.55 crowns by 7:30 a.m. EST.
Telefon AB LM Ericsson, the world's biggest maker of mobile networks, has made losses for more than two years as demand from debt-laden telecoms operators dwindles. This month it said demand for wireless telephone networks would be flat to down 10 percent this year, with the lower end of the range more likely.
``The negative outlook for the ratings reflects the low visibility of telecom operator spending and the potential for a persistent high rate of decline for Ericsson's revenues that could cause erosion of the company's high cash reserves,'' Moody's said in a statement.
It was concerned revenues may continue declining by more than 30 percent through most of 2003 and stabilization may not come before next year: ``This scenario would result in a need for additional restructuring measures for Ericsson, which because of their severity, carry material execution risk.''
But at current spending estimates, Ericsson's free liquidity would last well beyond 2003, it said. Last year, Ericsson boosted its finances with a $3.2 billion rights issue.
EXPECTED MOVE
Moody's had already warned it might cut because of a drop in fourth-quarter revenue and cautious sales outlook. Bear Stearns said that in light of a B1 rating for French peer Alcatel, Moody's move on Ericsson was already overdue.
``With concerns remaining regarding how Ericsson can turn its business around and the company already facing a tough task to fully implement its existing restructuring program further downgrades cannot be ruled out,'' it said in a note.
One analyst said the downgrade was deeper than some expected but the share fall was partly due to Monday's overdone rise of 7.4 percent, after handset joint venture Sony Ericsson presented its first 3G phone and said it hoped for profits in 2003. Another analyst said reaction was tempered by recent news that Carl-Henric Svanberg would take over as chief executive.
Svanberg, who headed the top world lockmaker Assa Abloy, replaces Kurt Hellstrom who was criticized for allowing costs to spin out of control. With most cost-cutting plans already in place, Svanberg must ensure the workforce drops to under 60,000 by the end of this year from 64,000.
Dealers said Ericsson's 3.625 percent euro bond due July 2004 was unchanged at 91.5 percent of face value in early trade. The cost of insuring Ericsson's debt against default for five years in the credit default swap market was also steady at 9.75 percent of the amount at risk.
``In view of low market visibility and ongoing downside risks, we regard the company's bonds as currently expensive and therefore maintain our underweight recommendation,'' SEB said.
Standard & Poor's and Fitch Ratings assign Ericsson a BB rating, roughly two notches higher than Moody's new rating.
OT Hey Ed, Cheer up!
Agreed Loop. Some posters are a bit desperate for that quick appreciation and think that they can influence this trial's resolution. Nothing anyone can print hasn't been considered by F&J and nothing posters can offer will resolve this case any faster than if it were left alone.
If someone has stayed on this horse for this long, I'd assume that they think the powers that be will appreciate IDCC's value. If not they'd be gone. Amateurs shooting off into the dark is never helpful.
IFX 1st Quarter Results
MUNICH, Germany--(BUSINESS WIRE)--Jan. 20, 2003--Infineon
Technologies AG (FSE/NYSE:IFX)
-- First quarter revenues were Euro 1.52 billion - up 10 percent
sequentially and up 47 percent year-on-year
-- Revenue increase was mainly driven by increased demand for
memory products and chips used in mobile communications
-- Another record sales quarter of the automotive & industrial
segment
-- First quarter EBIT was a loss of Euro 31 million, a strong
improvement from a loss of Euro 292 million sequentially and
from a loss of Euro 564 million year-on-year
-- Memory Products group achieved profitability through improved
sales, significant cost reductions and productivity increases
-- Best industry cost position in the DRAM market
-- Continued solid cash position
Infineon Technologies AG (FSE/NYSE:IFX), one of the world's
leading semiconductor manufacturers, today announced results for its
first quarter in fiscal year 2003, ended December 31, 2002. The
company had revenues of Euro 1.52 billion, an increase of 10 percent
sequentially and 47 percent year-on-year. The revenue increase was
mainly driven by higher demand for memory products and semiconductors
used in mobile phones and the continued strong performance of the
automotive & industrial segment. The revenue increase also reflects
the first time consolidation of a full quarter of revenues of Ericsson
Microelectronics, which Infineon acquired in September 2002.
Dr. Ulrich Schumacher, President and CEO of Infineon Technologies
AG commented: "Our focus on technology and cost leadership resulted in
further market share gains. We improved our revenue performance
sequentially and year-on-year and achieved profitability in our memory
products group by improved pricing, product mix and by significantly
reducing the fully loaded costs of our memory chips."
Quarterly EBIT (earnings before interest and taxes) was a loss of
Euro 31 million, a strong improvement from a loss of Euro 292 million
in the previous quarter, which included exceptional effects of 119
million Euro, and from a loss of Euro 564 million in the first quarter
of the last fiscal year. The improved earnings performance was mainly
due to further cost reductions in the memory product segment and a
shift in sales towards higher margins products.
Net loss amounted to Euro 40 million compared to a net loss of
Euro 506 million in the previous quarter, which included a non-cash
charge of Euro 275 million to establish a deferred tax valuation
allowance. The first quarter tax expense continues to reflect a
valuation allowance for tax losses incurred in certain tax
jurisdictions according to US GAAP. Basic and diluted loss per share
for the first quarter of fiscal year 2003 was Euro 0.06, improving
from a loss per share of Euro 0.72 in the previous quarter and Euro
0.48 year-on-year.
Expenditures for Research and Development in the first quarter
totaled Euro 265 million, or 17 percent of sales, down from Euro 292
million sequentially. The reduction is principally due to in-process
research and development charges in the previous quarter of Euro 37
million. "With our continued investment in R&D and advanced
manufacturing processes we have significantly improved our
productivity and reduced production costs, particularly for memory
products," said Dr. Schumacher.
SG&A expenses totaled Euro 172 million or 11 percent of total
revenues, compared to Euro 163 million or 12 percent of total revenues
in the previous quarter.
Infineon's gross cash position, representing cash and cash
equivalents, marketable securities, and restricted cash, amounted to
Euro 1.6 billion, down sequentially from Euro 2 billion. The decrease
in gross cash was mainly due to investments for 300mm volume
production and for the introduction of the next shrink to 0.11 micron
technology, the build-up of inventories, principally in memory
products, and a volume related increase in accounts receivable.
Revenues outside Europe constituted 54 percent of total revenues,
up from 53 percent in the previous quarter, reflecting Infineon's
increased market penetration in Asia and Japan. As of December 31,
2002, Infineon had approximately 30,900 employees worldwide, including
about 5,400 engaged in research and development.
Business Group Performance
Effective November 1, 2002, Infineon merged its Wireless Solutions
and Security and Chip Card ICs groups into a single group called
Secure Mobile Solutions. Infineon believes that combining the
operations of the two groups will enable it to better address the
continuing convergence of the markets for security and mobile
applications, for example in future generations of mobile phones. The
merger also reflects the company's increased focus on providing
integrated solutions under its recently announced "Agenda 5-to-1"
corporate strategy. The integration of these two business groups is
reflected in the following discussions and in the attached financial
results tables, which have been reclassified for all earlier periods
to reflect the new reporting structure.
The Automotive & Industrial group's first quarter revenues reached
another all-time high of Euro 334 million, an increase of 4 percent
sequentially and of 22 percent year-on-year. The increase resulted
principally from stronger volume sales in power management & supply
products as well as automotive power applications. EBIT improved
sequentially to Euro 44 million compared to Euro 38 million in the
previous quarter and to Euro 20 million year-on-year. The EBIT
improvement was mainly due to continued cost reductions and
productivity increases and was achieved in the face of significant
pricing pressure in the automotive electronics market.
Infineon further penetrated the market for next generation engine
management with improved sales of its 32bit TriCore microcontroller
technology and also gained further market share for power management &
supply applications, particularly in Asia. A successful restructuring
of the sensors business has already improved that segment's sales,
especially sales of magnetic and pressure sensors.
Wireline Communications revenues improved slightly to Euro 106
million in the fourth quarter, up 1 percent from the previous quarter,
and up 28 percent year-on-year. The sequential revenue increase was
due principally to improved sales of Ethernet over VDSL access
technology in the Asian markets. EBIT improved to a loss of Euro 42
million from a loss of Euro 45 million in the previous quarter, and
improved significantly from a loss of Euro 85 million year-on-year.
The year-on-year improvement was principally driven by significantly
improved sales volumes and cost savings.
Infineon further strengthened its position in the Asian markets as
the leading vendor of next generation high-speed VDSL broadband access
technology despite a continuing difficult market environment. Further
reductions by global carriers in infrastructure investments negatively
affected the market for wireline communication products, in particular
hampering a recovery in demand for fiber optics and optical networking
products. Infineon is the first vendor to introduce 10G XPAK
transceivers for the fiber optics market, and expects the first sales
of these products in the third quarter of this fiscal year.
Secure Mobile Solutions' first quarter revenues were Euro 412
million, up 11 percent from the previous quarter and up 44 percent
compared to the first quarter of last year. The revenues increase was
mainly driven by the stronger Christmas business for mobile phones. It
also included the full quarter revenues from Ericsson
Microelectronics, acquired in September 2002. EBIT amounted to a loss
of Euro 28 million, compared to a loss of Euro 22 million in the
previous quarter but improved from a loss of Euro 60 million
year-on-year. The quarterly loss was mainly due to lower sales volumes
and strong pricing pressure for chip card ICs, as well as integration
costs and operating losses totaling Euro 34 million for the acquired
Ericsson Microelectronics business. EBIT also included
acquisition-related charges of Euro 5 million, compared to Euro 39
million in the prior quarter.
Infineon strengthened its position in the market for next
generation mobile solutions with the introduction of a complete EDGE
platform integrating the multimedia-capable baseband IC S-GOLD, the
RF-chip SMARTi DC+ and a power management chip. The company announced
a comprehensive alliance with Agere Systems for the development of
fast wireless network solutions solutions (WLAN, IEEE 802.11a/b/g)
including the cross licensing of intellectual property and a mutual
supply agreement.
Infineon also received the Sesames Award, which honors the best
technological innovation at the Cartes 2002 exhibition for one of its
own microcontrollers for contactless chip card applications and
another one that was jointly developed with Sony. The company
strengthened its position as a supplier for the "Trusted Platform
Module Alliance" with the design-in at an additional leading OEM.
The Memory Products group's first quarter revenues were Euro 542
million, a strong increase of 24 percent sequentially and of 89
percent over revenues for the first quarter of the last fiscal year,
mainly driven by improved demand. Sales also benefited from the access
to recently established capacity co-operations, such as Winbond. EBIT
improved significantly both sequentially and on a year-on-year basis
to Euro 29 million, up from a loss of Euro 204 million in the previous
quarter and up from a loss of Euro 375 million in the first quarter of
the last fiscal year. The strong earnings improvement and return to
profitability was primarily due to increased sales volumes,
significantly improved manufacturing costs, and a better product mix.
Infineon further strengthened its world leadership for 300mm
production by achieving the cost cross-over with regard to 200mm
production (i.e., volume production on 300mm wafers became more cost
efficient than on 200mm wafers) in its 300mm facility in Dresden.
Volume production on 300mm has now reached more than 5,000 wafer
starts per week and the company is well advanced in its conversion to
0.14-micron technology. Infineon has expanded its manufacturing
partnership-network by entering into an agreement with Semiconductor
Manufacturing International Corporation (SMIC) in China. Under the
terms of the agreement, Infineon will provide its 0.14-micron DRAM
trench technology to SMIC and SMIC will manufacture DRAM products
exclusively for Infineon using this technology. Following the ramp-up
of the SMIC facility, the cooperation will enable Infineon to increase
its overall capacity by around 20,000 wafer starts per month by 2005.
Infineon has also qualified its 512Mbit DDR components in 0.14-micron
at all leading customers.
Infineon has decided to withdraw from the ProMOS joint venture in
Hsinchu, Taiwan, due to repeated material breaches of contract by
Mosel Vitelic. As of January 1, 2003, Infineon has discontinued its
purchase of products from ProMOS. This withdrawal is not expected to
affect Infineon's leading DRAM market position due to its other
existing cooperations with Taiwanese partners and cost and
productivity improvements.
In the Other operating segment, first quarter revenues were Euro
119 million, down 13 percent sequentially and up 27 percent
year-on-year. EBIT improved to Euro 6 million compared to a loss of
Euro 5 million in the previous quarter and a positive EBIT of Euro 15
million in the first quarter of fiscal year 2002.
In Corporate and Reconciliation, EBIT improved to a loss of Euro
40 million, from a loss of Euro 54 million in the prior quarter and
from Euro 79 million a year ago, principally due to reduced idle
capacity costs resulting from improved utilization.
Outlook for the first half of calendar year 2003
"Although we see first signs of a positive market trend it is
still too early to speak of a sustained overall market improvement. We
look with cautious optimism into the future and expect a further
stable development of demand in most segments. But we also expect an
ongoing difficult market environment with continued pricing pressure
in our wireline communications and secure mobile solutions segments in
the first half of calendar year 2003," commented Dr. Schumacher.
For its secure mobile solutions segment, Infineon expects
increased demand for GSM/GPRS mobile handsets in 2003. The company
currently forecasts an increase to 440 million units sold in calendar
year 2003. However, during the second quarter the company expects a
slight decrease in sales volumes due to seasonally reduced demand
after Christmas. For the security and chip card ICs market Infineon
expects a seasonal weakness in demand and continued strong pricing
pressure for security controllers used in mobile communications (SIM
card ICs). However, for the second half of calendar year 2003 Infineon
still expects an overall market improvement.
Further reductions of approximately 10 percent in capital
expenditures for global wireline telecom infrastructure are expected
for 2003 following a deterioration of approximately 37 percent in
2002, according to industry analysts. Restricted enterprise and
carrier spending for network equipment is expected to continue to
affect Infineon's fiber optics and optical networking businesses.
However, as the DSL rollout gains momentum, the company expects to
benefit from stronger demand for broadband access (ADSL, VDSL),
especially in Asia and Japan.
Despite strong pricing pressure in the automotive electronics and
automotive semiconductor markets, Infineon anticipates that further
productivity increases combined with leading product performance in
its automotive semiconductor business will enable the company to
continuously gain market share. Infineon expects the strongest growth
to be in power semiconductors and in power management and supply
products.
Infineon anticipates that the second quarter of fiscal year 2003
will only see a slight increase of demand for memory products,
following robust sales during the first quarter, which included the
Christmas season. The development of prices will depend on the
market's psychology and end-consumer behavior. A sustained improvement
in prices during calendar year 2003 would require stronger demand from
the corporate replacement cycle and increased infrastructure
investments.
"We are among the first who returned to profitability in the
memory market. Our continued investment in technology for 300mm
production is beginning to pay off. We are confident that our
successful shrink roadmap combined with the expansion of our strategic
manufacturing cooperations will enable us to gain further market share
and establish Infineon as a top three player in the global DRAM market
in the foreseeable future," said Dr. Schumacher.
tsk, tsk, tsk,boogie eom
Ed, the point I'm trying to make is they said they were going to be selling a little this year, almost a year ago. If they were were worried about IDCC's position and appreciation they would have sold earlier this year. IMO, I think they held on as long as they could, suspecting yearly price appreciation, before selling at year's end for tax reasons.
This is the last time I will mention this because it seems to continually fall on deaf ears. Last spring at the ASM, Harry opened by telling shareholders not to panic if management sells some shares. He said something like "These people have bills, buy things, take vacations too."
IMO they haven't sold much on a percentage basis of what they hold.