Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Qualcomm: Color on Apple lawsuit/patent dispute (62.88)<ul><li>Cowen notes <strong>AAPL</strong> sued <strong>QCOM</strong> for allegedly withholding ~$1B rebates due to AAPL's participation in South Korea's investigation and for overcharging royalties. On paper, they estimate the loss of its remaining AAPL modem biz at ~$400-500 MM risk to net income (~6% of EPS) but given a much bigger potential can of worms on the QTL side, they would expect a settlement. <strong>This is all very positive for INTC</strong>.</li><li>RBC notes AAPL joined the FTC and KFTC in filing its own $1.0B lawsuit and claiming QCOM withheld $1.0B of rebates over the last year. They would note QCOM has come out strongly against AAPL, FTC and KFTC since these verdicts and claims were made public. They suspect investors at this point will wrestle with: 1) If AAPL is going public with their lawsuit could we see others follow (<strong>Samsung</strong>? Lenovo?)? 2) Would this even in a settlement scenario result in a lower royalty stream and structurally impact QTL revenues over time? 3) Could this accelerate the shift by AAPL to <strong>INTC</strong> for basebands and provide a roadmap for others? 4) Could international trade commissions force QCOM to revisit their business practice and separate their QTL segment against other segments including <strong>NXPI</strong>, as they review NXPI transaction approval? Given a host of uncertainties they maintain Sector Perform rating and $70 tgt.</li><li>RBC notes that while the damages sought ($1B) are modest relative to AAPL's $200B+ cash balance, there is potential for AAPL to see modest gross margin benefits under a scenario where contracts/pricing terms could be revised as a result of the collective complaints against <strong>QCOM</strong>. Notably, this could potentially result in lower payments to QCOM for patents (QCOM's QTL revenue) and enable AAPL to shift base-band allocation from ~1/3 to INTC to a higher allocation.</li><li>Instinet downgraded to Neutral from Buy</li><li><strong>QCOM</strong> -2.2% premarket; <strong>AAPL</strong> -0.2%</li></ul></td> </tr></table>"