Apple isn't in settlement talks with Qualcomm, says CNBC
CNBC reported Wednesday that Apple Inc. isn't holding settlement talks with Qualcomm Inc. regarding an ongoing dispute about royalties. The report, which cites an unnamed source familiar with the matter, said that Apple is preparing for a trial on the matter. Apple has argued that it was illegal for Qualcomm to charge a patent license fee when the smartphone maker used its modems in devices, while Qualcomm has said that the company owes it $7 billion in royalty payments. CNBC said that the case is expected to go to trial next year. Apple didn't immediately reply to a MarketWatch request for comment. Its shares are up 0.9% in Wednesday morning trading, while Qualcomm's stock is off 0.5%. Apple shares have risen 18% over the past 12 months, while the Dow Jones Industrial Average has climbed 10%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.