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Stock Market & Financial Investment News

News Breaks
April 1, 2014
11:11 EDTMRVL, QCOMMarvell rises after announcing plans to appeal patent decision
Shares of fabless semiconductor provider Marvell Technology (MRVL) are higher this morning after the company said it will appeal a district judge's order for the company to pay nearly $1.54B for breaching two hard disk drive patents held by Carnegie Mellon University. WHAT'S NEW: The U.S. District Court for the Western District of Pennsylvania yesterday rejected Marvell's motion to reduce a patent infringement jury award against it and added more than $366M to Carnegie Mellon University’s award, bringing it to $1.54B. That amount is higher than the $1.17B that a jury previously awarded CMU, but the judge rejected CMU's motion for an injunction which would block Marvell from selling chips that the jury found to be infringing. The judge also rejected CMU's demand for about $326M in pre-judgment interest and denied CMU’s bid for enhanced damages at a higher rate. WHAT'S NOTABLE: Marvell intends to appeal to the Federal Circuit Court of Appeals. Marvell and Marvell Semiconductor, its U.S. subsidiary, intend to argue to the Federal Circuit "that the patents at issue are invalid, that even if valid, Marvell did not infringe, and that the Court erred both in its calculation of the royalty rate and in its novel application of that rate to chips manufactured, sold, and used abroad." Marvell said it does not expect to record a liability on its financial statements and believes a material loss is not probable. ANALYST REACTION: MKM Partners thinks the ruling removes a major overhang on Marvell's stock. Additionally, the firm says concerns about competition Marvell is facing from Qualcomm (QCOM) and Mediatek are "overdone." MKM, which said it believes Marvell's revenue for the full year will beat the current consensus outlook, has a Buy rating and $19 price target on Marvell shares. PRICE ACTION: Marvell Technology shares are up 55c, or 3.5%, to $16.30 in late-morning trading.
News For MRVL;QCOM From The Last 14 Days
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October 24, 2014
06:14 EDTQCOMTSMC to provide chips for LG's 'Nuclun' smartphone microprocessor, WSJ says
According to a source, Taiwan Semiconductor (TSM) will provide chips for microprocessors to power "Nuclun," a variation of LG's G3 smartphone, the Wall Street Journal reports. So far, LG Electronics has mostly relied on Qualcomm (QCOM) for the chips that run its smartphones. Reference Link
October 22, 2014
10:03 EDTMRVLThe Linley Group to hold a conference
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October 21, 2014
14:04 EDTQCOMEarnings Preview: Analysts divided on Broadcom ahead of Q3 report
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October 15, 2014
05:58 EDTQCOMCSR calls Qualcomm takeover offer 'very attractive outcome'
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05:35 EDTQCOMQualcomm to acquire CSR for GBP 9.00 per share
Qualcomm (QCOM) announced that it has reached agreement with CSR plc (CSRE) regarding the terms of a recommended cash acquisition through which the entire issued and to be issued ordinary share capital of CSR will be acquired by Qualcomm Global Trading Pte. Ltd, an indirect wholly owned subsidiary of Qualcomm Incorporated. The acquisition complements Qualcomm's current offerings by adding products, channels, and customers in the important growth categories of Internet of Everything, or IoE, and automotive infotainment, accelerating Qualcomm's presence and path to leadership. This opportunity is aligned with Qualcomm's established strategic priorities in these rapidly growing business areas. At GBP 9.00 per share, the acquisition of the entire issued and to be issued ordinary share capital of CSR is valued at approximately $2.5B. This cash offer has been unanimously recommended by the CSR board. The acquisition is subject to a number of conditions as set forth in the announcement released today in accordance with Rule 2.7 of the UK Takeover Code, including the receipt of U.S. and other regulatory approvals and the approval of CSR's shareholders. Subject to the satisfaction of the conditions, the transaction is expected to close by the end of the summer of 2015. Qualcomm expects the acquisition to be accretive to Non-GAAP EPS in FY16, the first full year of combined operations.
October 14, 2014
07:24 EDTQCOMIntel gains government ally in China with new deals, Reuters says
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06:37 EDTQCOMUMC lands 28nm LTE chip orders from Qualcomm, DigiTimes reports
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October 12, 2014
17:20 EDTQCOMGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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