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To: badger3 who wrote (111235)4/19/2012 11:18:57 AM
From: slacker711
   of 122548
 
Most of their share repurchases in the past have come as a result of direct purchases and not options activity. Management explained that they made the put sale last year due to the fact that they wanted to take advantage of the price but were running low on domestic cash. That is no longer the case this year.

I wouldnt expect share purchases unless we hit the 50's. Q has been pretty conservative in terms of the valuation when buying shares. Kudos to Keitel on this because I think they have a great job with their timing over the years.

Slacker

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To: badger3 who wrote (111235)4/19/2012 11:19:40 AM
From: Art Bechhoefer
1 Recommendation   of 122548
 
I believe that outright purchases occur whenever an expiring put option results in the shares being "put" to the put seller. Thus, in the past, when the price of QCOM shares failed to recover by the time the put option expired, the shares were in effect purchased by Qualcomm for a price that was effectively discounted by the premium when the put option position was established.

Art

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To: FUBHO who wrote (111229)4/19/2012 11:25:34 AM
From: Elroy
2 Recommendations   of 122548
 

You would think they would put it on their website...

Silicon Motion Announces Multiple LTE Transceiver Wins With Samsung




siliconmotion.com

SIMO barely puts out any press releases at all, other than the quarterly results. They are a very, very quiet company... They are headquartered in the Taiwan so maybe they no speaka the English too goody goody.

I know from listening to their conference calls that Samsung hired them to design an LTE transceiver in a non-competitive bid, and that Samsung LTE devices have the two SIMO transceivers I mentioned - LTE and EVDO. ASP for the pair has been described as "less than $10".

It's fairly difficult to get the historic share split of Samsung's internally developed baseband versus Samsung's procured basebands. So.....no real idea how big the internal baseband opportunity is at Samsung. SIMO has said they expect to split the 2012 LTE transceiver business at Samsung 50-50 with QCOM, that'd be fine with me.

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To: slacker711 who wrote (111221)4/19/2012 11:26:24 AM
From: Jim Mullens
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Slacker, re: Increases Fab expenses / options.

I think that there is a significant probability that increased fab expenses are going to become a permanent part of Qualcomm's business model.

Good points.

BOA/ Merrill touched on this issue in their QCOM Q2 report this AM.

…new complexities / challenges w/ each transition the chip industry has made to smaller geometries....“chronic” problems could ultimately force Q into a tighter foundry relationship / outright integrated mfg…at least at the leading edge…. Also mentioning INTC aggressive positioning .

Q has taken the JV approach with Mirasol in both the original and new fab facilities.

Perhaps, as you suggest, putting the off-shore cash to work in a smaller leading edge fabrication facility would be a wise investment …. To accelerate the production ramp of state of the art technologies before shifting heavier volumes over time to traditional fabs after they’re upgraded.

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From: Bill Wolf4/19/2012 11:29:45 AM
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Nokia CEO to 'Deeply' Discount Lumia Phones

By SVEN GRUNDBERG STOCKHOLM—The chief of Nokia Corp. said sales of its new Lumia smartphones have been mixed and he will "deeply" discount the devices to spur sales to compete with Asian rivals in emerging markets.


The Finnish company said its operating loss for the three months to March 31 totalled $1.76 billion, from a $577 million operating profit a year ago, missing analysts' expectations for a $960 million loss by a wide margin. Dow Jones's Gren Manuel reports. Photo: Reuters

Bloomberg News Stephen Elop, chief executive of Nokia, speaks during a keynote event at the Mobile World Congress in Barcelona in February 2012.

Nokia CEO Stephen Elop said Lumia sales "exceeded expectations in markets including the United States, but establishing momentum in certain markets, including the U.K., has been more challenging."

Consumers are shunning basic Nokia phones and turning increasingly to cheap smartphones powered by Google Inc.'s Android mobile phone software that the Internet giant provides free to handset makers like Samsung Electronics Co.

"The price point of Android devices from a variety of manufacturers is quickly being pushed down," Mr. Elop said, adding there are gaps in Nokia's line-up of phones that it needs to fill swiftly.

"A very clear part of our strategy is to drive the prices of our Lumia devices deeply down, so we can compete effectively," Mr. Elop said, but he declined to specify exactly when Nokia plans to unveil new cheaper Lumia phones.

The moves were announced as Nokia reported heavy losses in the first quarter Thursday and said the executive in charge of its world-wide salesforce was leaving the company.

Colin Giles, a Nokia veteran who has been head of global sales since January 2010, will leave the company as it restructures its sales unit, "reducing a layer of sales management," Nokia said.

The Finnish company said its operating loss for the three months to March 31 totaled €1.34 billion ($1.76 billion), from a €439 million profit a year ago, missing analysts' expectations for a €731 million loss by a wide margin.

Net loss was €929 million from a €344 million net profit for the same quarter last year, against expectations for a €554 million loss. Revenue dropped 29% to €7.35 billion.

Nokia warned last week that intense competition in fast-growing emerging markets would hit its performance in the first half of this year. Nokia is abandoning Symbian, its in-house phone operating software now considered by many to be clunky and old-fashioned, and is switching to Microsoft Corp.'s new Windows Phone software for its mobile handsets.

Nokia's first-quarter operating margin at its largest Devices & Services unit was a negative 5.2% according to IFRS accounting standards. Nokia said the margin, excluding special items, was negative 3% and it expects a similar or lower level in the second quarter.

The company has been struggling over recent years to compete in Western markets against Apple Inc.'s iPhone and smartphones from Asian manufacturers like Samsung and HTC Corp. Now the Finnish company's dominance in developing markets appears to be slipping.

The company said it shipped 82.7 million devices in total in the first quarter, down from 108.5 million devices the same quarter last year. Volumes in China fell 62%, North America fell 50% and Europe was down 32%.

Its smartphone shipments, which include its old range of Symbian devices as well as its new Windows-powered Lumia range, were at 11.9 million, down from 24.2 million a year ago. Average selling prices for smartphones declined 2% year-on-year to €143, while average prices for basic phones were at €33, down from €40 a year ago.

Given Nokia's steep fall in handset volumes, most observers are now expecting rival Samsung to overtake Nokia's spot as the largest maker of mobile phones, in terms of volumes, in the first quarter.

According to technology research firm Gartner, Nokia had a 23.4% market share for mobile phones in the fourth quarter last year, when it sold 111.7 million handsets. Samsung sold 92.7 million handsets, giving it a 19.4% volume market share.

Nokia announced close to 14,000 job cuts last year in a bid to erase €1 billion from its operating costs by 2013. It hasn't ruled out further cuts and on Thursday it said it plans to accelerate and substantially deepen cost savings for its Devices & Services unit and will give further details soon.

Write to Sven Grundberg at sven.grundberg@dowjones.com

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To: Jim Mullens who wrote (111219)4/19/2012 11:34:43 AM
From: waitwatchwander
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which chipsets encompass Fusion2? I don't ever remember hearing of a product release under that name. How do the chipsets you mentioned fit in with the "combo chip" comment? Wifi capability is missing.

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To: Jim Mullens who wrote (111240)4/19/2012 11:41:54 AM
From: slacker711
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Perhaps, as you suggest, putting the off-shore cash to work in a smaller leading edge fabrication facility would be a wise investment …. To accelerate the production ramp of state of the art technologies before shifting heavier volumes over time to traditional fabs after they’re upgraded.

I didnt express myself well. I advocate a closer, and unfortunately more expensive, relationship with the various fabs. Q is going to need to push harder on the TSMC/UMC/GF to close the manufacturing gap with Intel. That means funding more R&D both internally and at the fabs.

I dont think that building a fab is the right way to go. It isnt Q's area of expertise and I dont think you could make such a move in a "small" way. A state of the art would cost billions and would need large volumes considering the quick ramp that we are seeing at 28nm...and what would happen to the volumes on this fab if Q ever lost Apple as a customer?

Slacker

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To: waitwatchwander who wrote (111242)4/19/2012 11:42:42 AM
From: slacker711
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I thought I was mishearing it last night during the call. Good to know that I wasnt the only one confused by the comments on the "fusion" chipset.

Slacker

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To: Art Bechhoefer who wrote (111230)4/19/2012 11:53:33 AM
From: Jon Koplik
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Re : Q potentially selling naked (OTC) puts on Q (as a means of either generating income, or ultimately getting some Q shares for their repurchase program) --

I just want to "get it on the record" :

If QCOM shares were down to (say) $61,

Qualcomm would want to sell the $62.50 or $60 strike price puts,

not something such as the $65 puts.

You want to be selling options strike-priced near the (then) current share price,

not (somewhat) "deep-in-the-money."

Jon.

former so-called options arbitrage trading "professional"

Mabon Nugent & Co. 1980

and

Cowen & Co. 1986 - 1987

.

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To: slacker711 who wrote (111203)4/19/2012 12:14:14 PM
From: BoonDoggler
1 Recommendation   of 122548
 
So if Apple is the driver, how about Apple forks over some cash for some of the CapEx needed? Isn't Apple famous for using their massive cash hoard to lock up a component market well in advance? Just a thought.

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