Seems like more than a few analysts believe that Qualcomm guidance still includes a declining portion of modems for Apple. In fact, Qualcomm guidance for the current fiscal year ending Sept. 30 has zero dollars for sales to Apple (but still includes estimated royalty payments). For the coming fiscal year, Qualcomm will also value chip (i.e., modem) sales to Apple at zero. ... A large number of analysts, however, still believe loss of modem sales to Apple hasn't been accounted for in guidance or other future estimates. They're simply wrong, and it's having an impact on the price of QCOM.