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FlyerInHi.
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February 5, 2018 at 9:12 AM #22513February 5, 2018 at 10:17 AM #809176
plm
ParticipantIt will be slightly negative to housing prices due to layoffs but they are not going to be moving the facilities. When Avago bought Broadcom before and changed the name to Broadcom LTD, the SD facilities stayed but there were significant layoffs. I expect the same.
February 5, 2018 at 11:10 AM #809178carlsbadworker
ParticipantIt doesn’t look like it will go through. QCOM stock price is actually down today after BRCM raises the price. However, if they refuse the offer, they will still have to do some layoff to show that they are streamlining their internal operations and prepare it for growth.
February 5, 2018 at 11:21 AM #809179
CoronitaParticipantThe interesting part about the Broadcom acquistion of Avago was that the number of employees impacted wasn’t that significant in SD.
Most of the employees impacted worked for the LTE group, which were already going to lose their jobs when Broadcom pulled out.
The wireless connectivity group was mostly in SD and was one of the bread and butter operations, next to the network chip group in Irvine. The wireless connectivity group got sliced and diced between partly being sold to Cypress Semiconductor (the old IOT group which is doing pretty well) here again in SD and also to NXP (the old NFC group)…Avago kept the rest of the Wireless Connectivity Group because still has a large customer basis: Samsung, Apple, LG, and other tier 1 customers….
Avago is good news for stock holders, terrible news for employees that still work there…Can you say sweatshop? You almost want to get laid off if your company gets acquired by Avago and take the package and let everyone still working their kill themselves working so your share price keeps going up.
February 5, 2018 at 11:26 AM #809180CoronitaParticipant[quote=carlsbadworker]It doesn’t look like it will go through. QCOM stock price is actually down today after BRCM raises the price. However, if they refuse the offer, they will still have to do some layoff to show that they are streamlining their internal operations and prepare it for growth.[/quote]
I think the stock price movement today has more to do with the entire markets getting spooked by inflation and more rate hikes….
Dow down almost 1200pts in just 1.5 weeks. January looking to be a bad time to have moved a significant amount of money into the markets….Well, I guess it could have been worse. Folks that bought bitcoin in January.
February 5, 2018 at 1:23 PM #809177CoronitaParticipantwhen Broadcom was acquired by Avago, old timers made out like bandits with the “rest and vest” thing, and went to other companies that paid roughly the same in total compensation. Moved up my retirement by about 5 years.
Newer/younger employees with limited RSUs/ESPP got a nice severance and did ok too,though they couldn’t retire yet.
I would assume the same thing happens between Qualcomm old timers and new timers, especially with all the change of control ‘poison pill’ provisions the board is trying to adopt now.
Some of the old timers rest and vesters were looking to retire anyway in their 40ies and 50ies(forced layoff and/or more sinister PIP’d out), so this might just sweeten the deal….
If I were guessing, there is collusion going on between Apple and Broadcom to bring Qualcomm down.
But obviously no proof.Apple is an evil company BTW.
I’m looking to fill 5 positions, and so far the Qualcomm candidates that I’ve seen, i get the same answer “we’re not actively looking right now. We want to see what package we get if Broadcom is successful”…So the job market apparently is still pretty good.
March 6, 2018 at 12:11 PM #809497FlyerInHi
GuestWow looks like the Trump admistration is really worried about China overtaking the US and leading in 5G. See the nationalized 5G network they proposed before.
Now they want to block the Broadcom Qualcomm merger on national security grounds. Like the government can develop tech better than the private sector.
March 6, 2018 at 12:41 PM #809498spdrun
ParticipantGood. Hope rollout of 5G in the US is slow, painful, and fraught with problems. Frankly, ubiquitous Internet access has taken away more in privacy, free time, and time to think than it has benefited the average American.
March 6, 2018 at 1:42 PM #809499CoronitaParticipant[quote=FlyerInHi]Wow looks like the Trump admistration is really worried about China overtaking the US and leading in 5G. See the nationalized 5G network they proposed before.
Now they want to block the Broadcom Qualcomm merger on national security grounds. Like the government can develop tech better than the private sector.
https://mobile.nytimes.com/2018/03/05/business/dealbook/broadcom-qualcomm-cfius.html%5B/quote%5DQualcomm has a government division fwiw.
also a good portion of the ip portfolio should remain in the u.s.
March 6, 2018 at 2:06 PM #809500Guest[quote=flu]
also a good portion of the ip portfolio should remain in the u.s.[/quote]
Do you mean the government should force Qualcomm; or that the IP portfolio will remain here because it makes economic sense to keep the research here?
March 6, 2018 at 2:27 PM #809501Myriad
Participant[quote=FlyerInHi]Wow looks like the Trump admistration is really worried about China overtaking the US and leading in 5G. See the nationalized 5G network they proposed before.
[/quote]I’m not sure it’s the “Trump administration” as much as the overall defense community. Whether Trump wants to acknowledge it or not, many other people in government recognize there is a new cold war between US and China (to a lesser extent Russian, which is a long term declining power).
I forsee the QCOM/BCOM deal as effectively dead for the numerous reasons stated in CFIUS letter.
March 9, 2018 at 12:47 PM #809579Hatfield
ParticipantSDUT reporting that Paul is out as chair of the board.
“Bloomberg has reported that Jacobs and Chief Executive Steve Mollenkopf were among the lowest vote getters in early stock holder balloting for the company’s board. The six Broadcom-nominated candidates were leading the vote count for Qualcomm’s 11 member board. About half of shareholders have cast ballots.”
http://www.sandiegouniontribune.com/business/technology/sd-fi-qualcomm-jacobs-20180309-story.html
March 10, 2018 at 12:14 PM #809583phaster
Participant[quote]
Will the fall of Jacobs starve Faulconer?
End of era as top Qualcomm political fixer steps asideThe finale may finally be coming into view for cell phone chip making giant Qualcomm, currently the target of a hostile takeover campaign. Echoes of the company’s outsized influence on San Diego politics are likely to resonate for years.
Officials of both parties have stuffed their portfolios with Qualcomm stock, at least some allegedly purchased based on insider tips, keeping their hands out for political gifts and gratuities that the company has donated.
News that Paul Jacobs, a son of Qualcomm co-founder Irwin Jacobs, is stepping down as chairman of the board won’t necessarily spell the end of his family’s power plays here, although tapping the company treasury could be a thing of the past.
It’s been five years since New York State Comptroller Thomas P. DiNapoli, acting on behalf of the state employee pension fund, sued Qualcomm, demanding “to inspect the company’s books and records to determine how shareholder funds are being spent for political purposes.”
The suit charged that the younger Jacobs, then chairman and chief executive of Qualcomm, was less than transparent about how shareholders’ political money was deployed.
“Senior figures associated with Qualcomm, including the Company’s current CEO as well as his father, the Company’s founder and a Qualcomm director until 2012 are widely reported to be politically active and in recent years have donated more than $2 million of their personal funds in furtherance of political purposes,” the allegation said.
DiNapoli dropped the case in February 2013 after Jacobs agreed to post semi-annual disclosures of Qualcomm’s payments to influence on its website.
“While Qualcomm has been developing a new policy on disclosure of political expenditures for some time, engaging with the Common Retirement Fund has been helpful,” the younger Jacobs said in a statement.
The list of San Diego politically-related causes benefiting handsomely from Jacobs-steered Qualcomm largesse has run the gamut from San Diego State’s public broadcasting operation KPBS and the non-profit Voice of San Diego website to Nathan Fletcher.
The onetime Republican Assemblyman left the party during a self-styled independent race for mayor, and turned Democrat, the party of the Jacobs family, before another failed try for the same office in the fall of 2013.
During that campaign, the GOP Lincoln Club attacked Fletcher for accepting what the Republicans alleged to be a do-nothing job at Qualcomm, drawing a sharp denial from Paul Jacobs.
“I was outraged to learn that the Lincoln Club of San Diego – a supposedly pro-business political group – would fund a political hit piece that unfairly and incorrectly attacks one of San Diego’s largest employers,” said the then-CEO in an October 2013 statement on company letterhead.
“The allegations about Nathan’s job are completely untrue, from the erroneous salary figure to the outrageous allegation that his is a ‘no-show’ job,” asserted Jacobs.
“While we do not disclose salary information, we have previously indicated that the figure reported is grossly exaggerated. Nathan’s salary is commensurate with other employees at his level. We do not hire “no show” employees. Our employees have always been the hardest working in the industry and our success reflects that culture.”
After Fletcher’s defeat, father and son Jacobs, as well as a bevy of Qualcomm employees, embraced Republican mayor Kevin Faulconer, who paid back a series of suspiciously-timed political contributions by reviving Irwin’s controversial Balboa Park traffic and parking makeover plan.
During the weeks following arrangement of a secret meeting between the GOP mayor and Irwin Jacobs in March 2016 regarding the Balboa Park project, campaign filings later revealed, $6150 materialized in Faulconer’s campaign fund from no less than ten high-ranking Qualcomm executives, including Paul Jacobs, who kicked in $1000.
http://www.sandiegoreader.com/news/2018/mar/09/ticker-will-fall-jacobs-starve-faulconer/
[/quote]so any thought(s) what is to become of the SD region w/out a major “global” corporation that has its headquarters here?
[quote]
Top 25 companies by revenue (2010)Qualcomm $10.57 billion.
Sempra Energy $8.11 billion.
CareFusion $4.11 billion.
Life Technologies $3.28 billion.
Leap Wireless $2.38 billion.
Jack In The Box $2.38 billion.
PriceSmart $1.26 billion.
Cubic $1.02 billion.http://www.sandiegouniontribune.com/sdut-fortune-500-firms-county-dont-mix-2010mar21-htmlstory.html
https://en.wikipedia.org/wiki/List_of_companies_headquartered_in_San_Diego
[/quote]March 10, 2018 at 2:26 PM #809584gzz
ParticipantInteresting list of top local companies. Never knew some had their HQ here.
I like Jacobs idea of a big paid underground garage in Balboa. The acres of ugly surface parking is an eyesore and confusing. I would like to see Qualcomm stadium used for a huge corporate office to attract a big tech co office or HQ. Not another stupid subsidy-sucking pro sports team, and especially not soccer.
With a trolley stop and freeway access very close, could be a great place for high density upscale development that will result in the city making rather than spending money. Imagine a new modern smaller stadium for SDSU ringed by condo towers full of tech workers who will become fans watching for free and grad student renters. Then tons of sparkling new trophy office buildings built by Bay Area companies who do not want to deal with anti development local govs in SF/SV.
The worker parking that does not get used on the weekend much can be used for stadium parking. Much better than normal football stadium parking that sucks up valuable real estate and gets used 6 hours per week for part of the year and is empty 98% of the time or more.
March 10, 2018 at 9:10 PM #809585GuestGreat ideas gzz. Problem is in SD there are too many people against development who want to block everything. People who are afraid of change, afraid they will lose their place.
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