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Monday, October 02, 2006 3:09:36 PM
Monday October 2, 2:42 pm ET
Broadcom, Qualcomm Shares Move Ahead of Legal Wrangling
http://biz.yahoo.com/ap/061002/qualcomm_broadcom_mover.html?.v=1
Snip:
"We don't think an injunction is going to happen," said American Technology Research analyst Shaw Wu. "We think a settlement is more probable."
NEW YORK (AP) -- Shares of wireless technology developer Qualcomm Inc. and communications chip maker Broadcom Inc. were among the most actively traded in the technology sector on Monday, possibly in anticipation of legal developments scheduled to occur later this week and next week.
The chairmen of the two companies, Irwin Mark Jacobs and Henry Samueli, have been ordered to meet in a San Diego federal court on Wednesday to discuss a global resolution of the roughly 10 lawsuits the companies have lodged against each other.
Then, on Oct. 10, the International Trade Commission is expected to deliver a final initial determination on a case in which Broadcom is seeking a ban on handsets that include Broadcom technology.
While few analysts expect any dramatic rulings in the immediate future -- the ITC ruling will be reviewed by six commissioners who will then make a determination on Feb. 9, and the San Diego meeting isn't expected to produce a settlement -- shares of both stocks moved in heavy trading.
Broadcom shares, which have traded between $21.98 and $50 over the last year, were up 58 cents, or 2 percent, at $30.89 in afternoon trading on the Nasdaq after earlier spiking as high as 31.73.
Qualcomm shares sank $1.83, or 5 percent, to $34.52 on the Nasdaq, edging toward their year-low of $32.76, hit in August. Shares traded as high as $53.01 in May.
"We don't think an injunction is going to happen," said American Technology Research analyst Shaw Wu. "We think a settlement is more probable."
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