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Qualcomm Inc.

5/25/2013, 3:45 AM ET

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Wednesday, May 22, 11:07 AM AIG remains at the top Goldman's list of hedge fund hotels (the 50 stocks appearing most frequently among hedge fund top 10 holdings). Google (GOOG) retains its #2 position. Apple (APPL) - in the top spot for 3 years until February - remains at #3. Goldman notes the basket has outperformed the S&P a bit this year and the top 20 has done better by more than 1000 basis points. We smell an ETF offering. The rest of the top 20: C, GM, PCLN, VMED, NWSA, MSFT, HTZ, JPM, APC, PFE, QCOM, CHTR, HES, CBS, EBAY, DAL, EQIX. 4 Comments
Friday, May 17, 11:27 AM Galaxy S4 sales will top 10M next week (less than a month after launching), says Samsung (SSNLF.PK) co-CEO Shin Jong-kyun. The Galaxy S III took 50 days to crack 10M. Samsung thinks S4 sales could eventually reach 100M, or twice the 50M the S III has seen over its lifetime. Suppliers with decent exposure: RFMD, ANAD, PANL, QCOM, BRCM, SYNA. 3 Comments [Tech]
Tuesday, May 14, 9:27 AM The Lumia 925 (NOK) is officially revealed. Thanks to its aluminum frame, it's ~50g lighter than the 920, and ~30g lighter than the 928. Otherwise, the specs resemble the 928's: a 4.5," 1280x768, OLED display, a dual-core, 1.5 GHz., Qualcomm (QCOM) processor, and an 8.7MP camera with optical image stabilization. There's no xenon flash, but there is an advanced camera app that leverages Scalado. Nokia will be charging a steep unsubsidized price of €469 ($609) when the 925 hits China and Europe this June. But T-Mobile USA (TMUS) is expected to sell it for less than $100 subsidized. Shares -5%. Were investors expecting a 41MP sensor PureView phone? 26 Comments [Tech, On the Move]
Friday, May 10, 1:11 PM The next Nexus 7 (expected to be unveiled next week at the Google I/O conference) will feature a 1900x1200 display, Qualcomm's (QCOM) quad-core APQ8064 app processor, a Broadcom (BRCM) Wi-Fi/Bluetooth combo chip and NFC chip, and dual cameras, reports KGI Securities. This more or less matches past reports. But VR-Zone says a top-of-the-line Qualcomm Snapdragon 800 chip will be used. KGI, generally good with Apple rumors, also expects Google (GOOG) to unveil an Android laptop (no Chrome OS?), a set-top for Web streaming, and a smartwatch (previous), but not at I/O. Comment! [Tech]
Friday, May 10, 10:26 AM Nokia (NOK +2.7%) officially unveils the Lumia 928. It has a 4.5," 1280x768, OLED display (many high-end Android phones are now at 1080p), a 1.5GHz. dual-core Qualcomm (QCOM) Snapdragon processor, an 8.7MP camera with optical image stabilization and a xenon flash, and high-amp mics for audio recording. The specs are generally in-line with those mentioned in rumors. Verizon will start selling the 928 on May 16 for a subsidized $100 (with a rebate). Separately, Nokia announces the Lumia 620 (3.8" display) will be sold by AT&T's new Aio Wireless prepaid brand. 22 Comments [Tech]
Thursday, May 9, 3:18 PM U.K. mobile banking specialist Monitise PLC (MONIF.PK +9.1%) pops as Lee Cooperman - presenting at SALT in Las Vegas - calls it his top conviction pick: "no financial risk .. no debt ... the blessing of Visa." He owns more than 10% of the company. Other top picks: ESRX, QCOM, C, AIG, MET, and RIG. 3 Comments [Quick Ideas]
Monday, May 6, 4:58 PM Qualcomm (QCOM) adds respected mobile industry vet Jon Rubenstein to its board. Rubenstein played a major role in developing the iPod while at Apple, and later helped develop webOS as Palm's executive chairman and eventually its CEO. Rubenstein left Palm acquirer H-P early last year. (PR) 2 Comments [Tech]
Saturday, May 4, 3:52 PM Barron's is out with its list of the 500 financially strongest companies as ranked after a rigorous cash and sales analysis. A quick filter on the list shows a good chunk of the names trade with a single-digit price to earnings ratio including Goodyear Tire & Rubber (GT). Despite all the buzz about booming auto sales in the U.S. and China, concerns about growth for Goodyear's products in other regions of the globe have lowered expectations. But with auto sale estimates for full-year being taken higher, Goodyear could see enough consistent revenue growth to justify a higher trading multiple. (Top 25: AAPL, WCC, WDC, DVA, CHRW, QCOM, JOY, V, STX, MRC, MA, CVI, COF, SYMC, MCK, WCG, ETN, BRCM, TMO, CI, CBI, NOV, WNR, HFC, DK) 39 Comments [Consumer, Quick Ideas]
Thursday, May 2, 9:38 PM "Intel’s (INTC) competitive advantage is its expertise in manufacturing," writes Quartz's Christopher Mims, making the case ex-manufacturing chief Brian Krzanich is a better choice for CEO than an outsider. Though its mobile processor lines have lagged in adopting its most advanced processes, Intel's PC CPUs are made on a 22nm process at a time when Qualcomm, Nvidia, and others are at 28nm ... and they should get to 14nm while rivals are at 20nm. If Krzanich can eliminate the lag, it could give Intel an edge when battling for mobile design wins, at least when 4G modem integration (where Qualcomm has a lead) isn't required. (previous: I, II) 3 Comments [Tech]
Tuesday, April 30, 6:29 PM Football stadium naming rights notwithstanding, Qualcomm (QCOM) still has a pretty low profile with consumers. The company is hoping a new branding campaign for its Snapdragon processors will raise that profile to a more Intel-like level. The campaign will feature national TV and movie theater ads, and will eventually reach China and other foreign markets. It'll arrive in a year that has already seen an over-the-top CES keynote in which the mobile chip/IP giant seemed to be screaming for attention. 4 Comments [Tech]
Saturday, April 27, 11:42 AM More on Qualcomm: Digitimes reports Qualcomm and Spreadtrum (SPRD) have cut prices for Chinese quad-core chips due to competition from MediaTek; Qualcomm has reportedly cut prices below $10 (low by its standards). The report is noteworthy given Qualcomm's growing Chinese presence, and the fact its chip margins (along with chip/royalty mix) had much to do with its disappointing FQ3/FY13 EPS guidance. Thanks to heavy R&D spend and a mix shift to emerging markets, the chip unit's op. margin fell to 17% in FQ2 from the year-ago period's 20%, and is expected to stay at 17% in FQ3; aided by FQ1's 26% margin, FY13 guidance is still for 18.5%-20.5%. 2 Comments [Tech]
Saturday, April 27, 11:03 AM Qualcomm (QCOM) managed to get 6 chips in the U.S. version of Samsung's (SSNLF.PK) Galaxy S4, per iFixit's teardown: the high-end APQ8064 app processor, a 4G baseband chip, an audio codec chip, an RF transceiver (beating out SIMO), and 2 power management ICs; the U.K. version uses a Snapdragon 600 baseband/app processor. Also found: a MXIM microcontroller, an SIMG video transmitter, a SWKS 2G power amplifier module, a BRCM NFC chip (likely to go with a combo chip), ATML and SYNA touch controllers, and Toshiba (TOSBF.PK) NAND flash (previous). (Chinese S4 teardown) (Galaxy S III teardown) (also) 4 Comments [Tech]
Friday, April 26, 8:47 AM Silicon Motion (SIMO) -8.8% after posting mixed Q1 results (EPS hurt by a 400 bps Q/Q gross margin drop) and light guidance. SIMO expects Q2 revenue to grow 5%-10% Q/Q, well below a consensus for a 24% increase, thanks to soft 4G transceiver demand. For 2013, it expects non-4G transceiver ops to show 0%-10% growth - the consensus for total revenue is 9.8%. SA contributor Ashraf Eassa, bullish on SIMO due to its valuation, thinks Samsung's yield issues for its Exynos 5 Octa CPU have led it to rely more on Qualcomm's (QCOM) solutions (previous) for the Galaxy S4, which in turn has hurt SIMO's transceiver share. (yesterday) Comment! [Tech, On the Move, Earnings]
Wednesday, April 24, 4:38 PM More on Qualcomm: 173M MSM chip shipments in FQ2, +14% Y/Y and at high end of guidance. 163M-173M shipments seen in FQ3 (+16%-23%). Royalty-bearing device sales +18% Y/Y in Dec. quarter, but ASP fell to $214-$220 from Sep. quarter's $224-$230 (affects royalties/margins) and device sales growth seen dropping to 7%-17% for March quarter. FY13 ASP guidance narrowed to $216-$224; calendar year device guidance raised by 15M to 1.05B. Free cash flow +10% Y/Y to $1.99B vs. net income of $2.07B. R&D spend +28% Y/Y, SG&A +14%. No buybacks (that could soon change). QCOM -5.2% AH. CC at 4:45PM ET (webcast). (PR) (slides) 2 Comments [Tech, Earnings]
Wednesday, April 24, 4:07 PM Qualcomm (QCOM): FQ2 EPS of $1.17 beats by $0.01. Revenue of $6.12B (+24% Y/Y) beats by $50M. Expects FQ3 revenue of $5.8B-$6.3B and EPS of $0.97-$1.05 vs. consensus of $5.88B and $1.04. Expects FY13 revenue of $24B-$25B and EPS of $4.40-$4.55 vs. consensus of $24.1B and $4.53. Shares -5.1% AH. (PR) 5 Comments [Tech, Earnings, Breaking News, On the Move]
Wednesday, April 24, 1:31 PM Samsung's (SSNLF.PK) Galaxy S IV is a superb phone, if one can cope with a cheap plastic feel and too many gimmicks. That seems to be the consensus from the first full reviews. The Verge praises the S IV's display, camera, and performance, but still considers the HTC One a better bet. "The Galaxy S4 is fast and impressive, but it's also noisy and complex." TechCrunch and Gizmodo deliver similar takes. But others (I, II) make the case that more is ultimately better (this mindset has worked for Samsung thus far). The reviews arrive as Sprint and T-Mobile state their S IV launches will be delayed due to inventory issues. Key suppliers: QCOM, BRCM, SYNA, PANL, ATML, RFMD, TQNT. (previous) 23 Comments [Tech]

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