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Qualcomm Inc said it has agreed with Broadcom Corp to dismiss their respective claims over four patents, preventing the need for a trial that was scheduled to begin on March 5.
Federal prosecutors are strongly considering criminal charges against former executives of Broadcom., Apple, and KLA-Tencor, related to the backdating of stock options, the Wall Street Journal reported on Friday, citing people familiar with the situation.
"It looks like the market is sort of struggling here a little bit, but there is too much skepticism and negativity on the street for me to think that the bottom is going to fall out," said Jeffrey Hirsch, editor-in-chief of the Stock Trader's Almanac, in an interview with CNBC.com.
Broadcom was expected to see fourth-quarter earnings of 31 cents a share, according to analysts surveyed by Thomson Financial. In the year-ago period, the company reported a profit of 33 cents a share.
Qualcomm reported earnings of 43 cents a share, just above analysts' estimates, but results were mixed as quarterly sales came in at $2.02 billion, below forecasts.
Broadcom, a supplier of semiconductor chips used in communication devices, said Tuesday it would record $2.22 billion in non-cash expenses for the years 1998 through 2005 for stock option accounting flaws - nearly triple what it originally estimated last July.
U.S. jobs data will guide the markets today and bad news from Motorola is rippling through global markets. An early look shows U.S. equities weaker ahead of the opening. European stocks are lower as commodity driven shares continue to sell off and most Asian markets closed with losses.
The Washington Research Foundation has sued mobile phone makers Nokia, Samsung Electronics and Matsushita-owned Panasonic for infringing on a patent for wireless Bluetooth technology.
Qualcomm lowered its profit estimate for its fiscal first quarter, citing higher-than-expected legal costs and customer's deferred payment.
At the end of the year, portfolio managers sell stocks to make sure their annual returns look good. Share prices can suffer as a result. CNBC's Bill Griffeth spoke with Greg Zuckerman of The Wall Street Journal about which stocks are ripe for profit taking. He says there’s a profile of the stocks most likely to take a hit.