One thing I believe is probably a big factor in the price decline is the results of the court hearing. This event has caused several things to occur.
1) There is new uncertainty. No one is absolutely sure what Judge Judy's position means and so there is at least a little fear that NOK could end up with the grounds to drag this thing out further or even reopen the dispute over the validity/enforceability of IDCC's patents.
2) If you disregard the possibility of reopening the dispute, NOK seems at least to have enough ammunition to pursue arbitration to it's end. It doesn't seem likely to me that NOK will suddenly decide to settle before letting the arbitration proceedings to run its' course. This developement in the court also could have the effect of dragging the proceedings out further than would otherwise be expected. While the arbitrators may realise that some of the documents may not apply to the arbitration, there may be some delays as these things are debated. If documents are requested, it may require that a hearing be scheduled to determine whether the request will be granted etc., etc., etc. UNCERTAINTY!
The above factors may be overriding the anticipation of new POSSIBLE licencees. We've also witnessed in the past licence signings that did not have, or had very little, attached revenue. The sellers likely include individuals who have been holding in anticipation of the big run that settlement with NOK and Samsung will produce and they may feel this is a good time to take profit and wait for a better entry point later when there might be a higher anticipation of that settlement. The selling is not heavy but neither is the buying and the market is currently in a retracement. All of the above, along with other factors such as shorts etc result in a price decline. I'm sure most would agree that it is the anticipation of new licencees that has kept the decline from being more precipitous. I expect the price will reverse upward if the Nasdaq does tomorrow (it hit it's uptrend line and then rebounded late today. IDCC touched just above the 50 DMA ($18.15)about the same time this afternoon) If not, I personally would expect to see the buying increase on IDCC by at least Friday afternoon in hopes of news early next week. We are very near IDCC's uptrend line. I would be very surprised to see it go below that point as IDCC's fundamentals are too good and the institutions should kick in as we approach that point at least.
