Update: It’s official. Nokia (NYSE: NOK) and Qualcomm (NSDQ: QCOM) have agreed to settle their long running spat. More details here.
Original post: Qualcomm just delayed its earnings call until tomorrow morning — no reason was given. It could be some huge announcement, or it could be a minor computer glitch. Naturally we’ll keep an eye out…
The market seems to think this will be big, as Qualcomm shares are up nearly 10 percent after hours. What could the market think is positive and could require a delayed earnings call? The only thing that springs to my mind would be a settlement with Nokia over the ongoing patent litigation. The latest trial was due to start this morning but was delayed for several hours due to a technical glitch with the webcast reports AP, and “Vice-chancellor Leo Strine later decided to postpone the start of the trial until Thursday morning. The reason for the postponement was not immediately clear.” So there’s hope, but it would represent an astounding turn-around in the positions of one or both of the companies.
Spot on: Bloomberg has just reported that the stock spike is due to speculation that the two delays in relation to Qualcomm are not coincidence but an indication that a settlement is likely in the works.