Qualcomm buys Globalstar shares, denies Chinese media report

|About: Qualcomm Inc. (QCOM)|By:, SA News Editor

Qualcomm (QCOM +0.3%) has bought 4.15M Globalstar (GSAT +6.4%) shares, the company discloses in a new 13F. Globalstar shares have popped in response.

Globalstar was originally formed as a JV between Qualcomm and Loral in 1991. Qualcomm wrote down most of its investment in the satellite network owner a decade later, shortly before Globalstar filed for Chap. 11. Globalstar finished restructuring in 2004.

Separately, Qualcomm has denied a Chinese media report claiming it has financial ties with Zhang Xinzhu, an antitrust expert who was just removed from a government advisory post. Qualcomm says it simply paid a consultancy employing Xinzhu to produce an economic analysis for regulators.

Qualcomm is dealing with both a Chinese antitrust probe and an SEC bribery probe. The company stated last month it thinks some Chinese licensees are under-reporting their 3G/4G device sales, and that some might be holding off on getting licenses while the antitrust probe continues.