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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: David E. Taylor who wrote (81107)	10/16/2008 10:28:19 AM
From: Jim Mullens	1 Recommendation Read Replies (1) \| Respond to of 197275

David, Re: NOK settlement / catch-up royalties, and “ Now it's changed a bit since the payment will be received in QCOM's FY2009 Q1. For the same reason, they won't book the entire 6Q's past royalties due into Q1 FY2009, and they may not bother with booking a partial catch up payment for the 6Q worth of past royalties due into Q1 FY2009 at all, but just amortize the entire amount over 15 years.” My guess is that Keitel will book the unpaid past due royalties for FY08 in Q4FY08 as an accrual, regardless of the fact that the actual payment is to be received in Q1FY09. For YoY revenue / EPS comparisons it would be advantageous to book the past due amount in FY09, but I don’t believe that would be “kosher” from and accounting standpoint. (JMO- as a non-accountant)

To: David E. Taylor who wrote (81107)	10/16/2008 10:41:00 AM
From: JGoren	1 Recommendation Read Replies (1) \| Respond to of 197275

Unfortunately, Broadcom this morning is sitting there trying to figure out how they can get a big chunk of that $2.3bn via litigation, or fretting that is a heck of a litigation kitty to fight them to the death. More seriously, does anyone detect a lowering in the rhetoric of the press releases? Boredcom has not issued a press release claiming it won part of the appeal. Maybe this signals that the companies are talking seriously? Citi report today on Nokia: Sales to be Down but EPS meet street est. Sales of €12.2bn (-5% y/y, -7% q/q)came in 4% below consensus/6% below CIR driven by lower handset units and NSN revenues. However, clean EPS of €0.33 was in line with street expectations (but below our €0.34 estimate) due to resilient device op. margin. Handset Metrics — Revenues of €8.6bn (-7% y/y) compared to street at €8.8bn, driven by lower units (117.8mn Vs consensus 119.4mn) and ASP (€72 Vs €73). However, gross margin increased 40bps q/q to 36.5% despite continued smartphone share losses. Combined with tight opex control, this drove a 30bps op. margin beat Vs consensus. Global share of 38% (-230bps q/q) driven by losses in Latam and APAC.