|Bid||441.81 x 2200|
|Ask||441.93 x 800|
|Day's range||441.56 - 449.85|
|52-week range||199.67 - 457.65|
|Beta (5Y monthly)||1.23|
|PE ratio (TTM)||33.50|
|Earnings date||28 Oct 2020 - 02 Nov 2020|
|Forward dividend & yield||3.28 (0.73%)|
|Ex-dividend date||07 Aug 2020|
|1y target est||423.07|
Apple's still-in-beta operating systems will automatically redirect News+ subscribers to the Apple News app when they click on links from a News+ publisher. Tony Haile (who founded the ad-free subscription news service Scroll) tweeted about the change this morning, and I've been able to replicate it myself. Woah, I wonder how many publishers in Apple News+ realize that the new iOS14 and MacOS Big Sur are by default intercepting traffic to their sites and sending it to the Apple News app instead.
(Bloomberg) -- Qualcomm Inc.’s lucrative patent licensing business lives on, after a court rejected a requirement that the company renegotiate billions of dollars worth of agreements with smartphone makers.The chipmaker won a major victory Tuesday in a federal appeals court, which ruled that a judge was wrong to side with the Federal Trade Commission in 2019 in finding that Qualcomm had violated antitrust law. The appeals court also vacated an order that the company redo licensing accords with smartphone makers like Apple Inc. and Samsung Electronics Co. Such licenses generated $4.6 billion in revenue for Qualcomm last year.Qualcomm climbed more than 5% on the news, and shares were trading at $111.11 at 2 p.m. in New York. “The court’s ruling is disappointing and we will be considering our options,” FTC Bureau of Competition Director Ian Conner said in a statement.The case won’t return to the trial judge, but the FTC can ask that it be reconsidered by the full appeals court. If Tuesday’s ruling stands, it’ll represent the end of years of legal and regulatory entanglements for the largest maker of chips that run smartphones. In July, Qualcomm announced that China’s Huawei Technologies Co. has signed a licensing deal and paid up on withheld patent fees. That agreement has brought Huawei, the last major holdout, into the list of Qualcomm’s customers.“The court of appeals unanimous reversal, entirely vacating the district court decision, validates our business model and patent licensing program and underscores the tremendous contributions that Qualcomm has made to the industry,” Don Rosenberg, executive vice president and general counsel for Qualcomm, said in an email.Kevin Cassidy, an analyst with Rosenblatt Securities, said the ruling removes an overhang on Qualcomm’s shares.“We see the combination of another successful defense of its business model and the recent licensing agreement with Huawei as giving investors an additional degree of comfort as a long-term investment,” he said.Read More: Qualcomm Shares Rise on Strong Forecast, Huawei AgreementQualcomm is the largest maker of chips that run the computer functions in smartphones and connect them to cellular networks. That business provides it with the bulk of its revenue. The majority of profit comes from licensing patents that underpin how all modern phone systems work. It charges fees that are calculated as a percentage of the selling price of handsets and paid by the phone makers.In May 2019, U.S. District Judge Lucy Koh in San Jose, California, ruled that the company was charging phone makers “unreasonably high” licensing fees and thwarting competition. She ordered the chipmaker to negotiate licensing agreements with customers “in good faith” and without threatening to cut off access to its products. Koh’s order was put on hold pending appeal.Qualcomm argued on appeal that its licensing business benefits the whole industry by speeding up improvements to smartphones and the services they support. The company emphasized that it doesn’t stop rival chipmakers from accessing its technology. Instead, fees are charged to phone makers who pay a percentage of the selling price of each handset.The FTC case, filed in 2017, is among numerous challenges to Qualcomm’s practices from competitors, customers and regulators worldwide. The San Diego-based company has weathered most of those, winning in court or settling, and maintained its right to charge the fees. Koh’s ruling was the biggest remaining challenge to the licensing model.In a rare split among antitrust regulators, the U.S. Justice Department lined up with Qualcomm against the FTC , arguing that Koh’s ruling could undermine American leadership in technologies including 5G wireless networks.The appeals court said in its 56-page ruling that in making her decision, Koh “went beyond the scope” of antitrust law.Qualcomm’s licensing practices aren’t anticompetitive because “Qualcomm is under no antitrust duty to license rival chip suppliers,” the court ruled. If Qualcomm was breaching its obligation to license patents on fair and reasonable terms, that issue belongs with contract and patent law, not antitrust law.The panel also said that Qualcomm’s “no license, no chips” policy does “not impose an anticompetitive surcharge on rivals’ modem chip sales,” nor does it undermine competition in the market.The judge’s findings that Qualcomm’s royalties were “unreasonable” were based on a “misunderstanding” of how patent royalties are calculated, the panel wrote.“Regardless of the ‘reasonableness’ of Qualcomm’s royalty rates, the district court erred in finding that these royalties constitute an ‘artificial surcharge’ on rivals’ chip sales,” the appeals court said.While the Justice Department’s arguments that Qualcomm is critical to America’s supremacy in 5G weren’t mentioned in the opinion, the court noted Qualcomm’s “significant contributions to the technological innovations underlying modern cellular systems.”The case is Federal Trade Commission v. Qualcomm Inc., 19-16122, U.S. Court of Appeals for the Ninth Circuit (San Francisco).(Updates with Qualcomm’s comment in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Xiaomi Corp. celebrated its 10th anniversary with the launch of some new products and the promise from its chief executive officer that it’ll become “a major force in China’s manufacturing sector that no one can ignore” over its next decade.Co-founder and CEO Lei Jun took the stage on Tuesday to recount Xiaomi’s history -- born as an internet upstart that disrupted China’s retail status quo -- and plot out a markedly different course for its future. “Xiaomi will systematically empower China’s manufacturing industry with internet know-how,” Lei said. “Smart manufacturing will fuel the prominent growth of Chinese brands.”Xiaomi said it has developed a fully automated smartphone assembly line and its investment arm has invested in about 70 semiconductor or smart-manufacturing firms. The smart factories that Xiaomi envisions would compete with manufacturing specialists like Foxconn, also known as Hon Hai Precision Industry Co., which has previously made similar efforts to smarten up its processes. For Lei, it’s an essential move to ensure Xiaomi’s prosperity, as “we can’t defend our industry position without continuing to move forward.”For the present, Xiaomi remains focused on its consumer business, which was graced by the launch of a new flagship Android phone in the 6.7-inch Mi 10 Ultra, adding to the rapidly expanding stable of 5G smartphones. The device differentiates itself with a 120x zoom system nestled in a large multicamera array on its back along with a super-fast 120W charger in the box. It starts at 5,299 yuan ($763) and will be available from Aug. 16. Alongside it, Xiaomi also unveiled a transparent OLED TV set and a Lamborghini Edition GoKart, burnishing its credentials as a company willing to make bold design decisions.Now the world’s fourth-largest smartphone brand, Xiaomi was founded by a team including serial entrepreneur Lei and former Google engineering director Lin Bin in Beijing in early 2010. Pioneering an internet-based sales and marketing model, Xiaomi became an instant hit in China where most mobile devices were sold by brick-and-mortar resellers and telecom carriers.The company distinguished itself by selling phones with sleek designs -- commonly accused of imitating Apple Inc.’s iPhone too closely -- the most up-to-date processors and prices that were a fraction of those from competitors like Apple, Samsung Electronics Co. and Lenovo Group Ltd.In an effort to expand its appeal and markets beyond China, Xiaomi made a big splash in 2013 by hiring Google’s Hugo Barra, then Android vice president, to lead its international efforts. With his help, the company undertook a campaign to shed its widespread image as an iPhone copycat and invested more in developing its own design and engineering credentials. The company expects to spend 10 billion yuan ($1.4 billion) on research and development this year, Lei said.At the zenith of its powers, Xiaomi briefly held the No. 3 spot among global smartphone makers and was China’s leader. But around 2016, local competitors Oppo and Vivo cut into Xiaomi’s market share by adopting the opposite strategy to Lei’s online focus: enlisting tens of thousands of private electronics store owners to sell their devices in small towns and villages. The move unlocked access to rural residents eager for their first smartphone, a market with hundreds of millions of potential buyers that Xiaomi wasn’t able to reach.After some supply chain issues around the same time, Xiaomi slumped to seventh in global smartphone shipments, according to IDC data, and Lei hired former Qualcomm Inc. executive Wang Xiang to steer Xiaomi’s new international expansion strategies from India to Spain and the U.K.The Chinese company has been on a recent run of introducing futuristic-looking phones featuring industry firsts, such as bezel-less screens and exotic materials like ceramic bodies. Lei has also tried to lift Xiaomi beyond smartphones with an expansive array of other consumer products that can be purchased from the company’s online store, including laptops and luggage.The Beijing-based company has invested in a large number of hardware startups to make Mi-branded appliances and electronics from rice cookers to scooters. Yet the efforts have so far failed to convince investors that Xiaomi is an internet company rather than a hardware vendor. Xiaomi’s stock has mostly traded below its initial public offering price since its debut in Hong Kong two years ago.(Updates with CEO quotes from first paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.