Prudential Equity Group report 11/8 by: jago18923 Long-Term Sentiment: Strong Buy 11/08/05 01:31 pm Msg: 577967 of 577971
Highlights:
We hosted a conference call with Glenn Manishin, partner at the law firm Kelley, Drye, & Warren, LLP, to discuss complaints brought to the EC against Qualcomm. Mr.Manishin specializes in technology policy & antitrust litigation, having represented clients like Netscape, Oracle, & Google.
• While outcomes are difficult to forecast, and the EC may choose not to even entertain the complaints, it has several options in resolving this issue, including: finding no wrongdoing, imposing penalties, or ordering all parties to renegotiate license agreements.
• Politics could also factor into this issue as it involves European, US & Japanese companies. Mr. Manishin suggested that the current EC Commissioner might be more sensitive to political considerations than the previous one. We also believe the ongoing QCOM/BRCM lawsuits, and a new QCOM/NOK lawsuit could influence the eventual outcome.
• We continue to believe the EC process is likely to be drawn out over 2+ years, with little substantive news flow as the proceedings remain confidential, and therefore will not likely have a material nearterm impact on Qualcomm, Nokia, Ericsson, Broadcom, or Texas Instruments.
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