Qualcomm filed lawsuits in China seeking to ban the sales and manufacture of iPhones in the country, the chipmaker's biggest shot at Apple so far in a sprawling and bitter legal fight.
Qualcomm filed suit in China requesting a ban on the creation and sale of iPhones in the country. The lawsuit claims patent infringement and is seeking injunctive relief. It's the latest in the bitter legal feud between the tech titans that started back in January over whether Apple must pay Qualcomm licensing fees.
"Apple employs technologies invented by Qualcomm without paying for them," Qualcomm spokesperson Christine Trimble tells Bloomberg.
Apple started the legal fight at the beginning of 2017 with a $1 billion lawsuit alleging that Qualcomm demanded license royalties "for technologies they have nothing to do with". Qualcomm fired back with its own suit in April, and Apple subsequently began withholding payments to manufacturers of iPhones, which hit the multinational chipmaker so hard that it had to drop its Q3 2017 revenue estimate by half a billion dollars.
The latest lawsuits Qualcomm filed in Beijing reportedly cover three non-standard essential patents. They were filed on September 29th and still have not been made public.
These news could easily affect the stock price of Apple, as they are already below the trendline. Head and Shoulders formation created - breakaway and test of the neck line. Possibility for short positions with SL 160.83.
Trading volumes remain low, below the average for the period, however this could change in the matter of seconds.
Price under 50 EMA - possible short term declining movement toward the 200 EMA - 145.22
Alternative scenario: If the price reverts and goes back above the trendline and in the channel, we could seek new long positions after a price action signal.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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