Qualcomm is a major supplier to both Apple and Samsung Electronics Co Ltd for "modem" chips that connect phones to wireless networks. The two companies together accounted for 40 percent of Qualcomm's $23.5 billion in revenue in its most recent fiscal year. In the lawsuit filed in U.S. District Court for the Southern District of California, Apple accused Qualcomm of overcharging for chips and refusing to pay some $1 billion in promised rebates.
U.S. President Donald Trump's administration is only hours old, but already a small parade of S&P 500 companies' chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits. In the days ahead of Friday's inauguration, senior executives from Morgan Stanley , Delta Air Lines and other major U.S. corporations said the Trump White House has already sparked a brighter outlook for business. "There is certainly more reason to be optimistic as we enter 2017 than there was at the beginning of 2016," Morgan Stanley CEO James Gorman said on Tuesday after his bank said profit doubled in the fourth quarter.
By Carmel Crimmins and Pamela Barbaglia DAVOS, Switzerland (Reuters) - U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump. At the annual gathering of the world's political and business elites in the Swiss resort of Davos, U.S. financiers told investors and overseas' rivals to focus less on Trump's anti-globalization rhetoric and more on his cabinet picks, comprising of Wall Street veterans and corporate bosses. Many European bankers fear Trump, who campaigned on an "America first" platform and who has threatened to impose punitive tariffs on Chinese imports, could trigger a trade war with the world's second-largest economy.