No Q4 earnings pre-announcement That was the biggest hope in the short-term.
Direction is down for five reasons:
1. No incentive for the CEO to push this higher. Brett's incentive is to see his 1.2 million options priced as low as possible.
2. Apple will not settle until the third damages theory is advanced by WiLan. Apple's damages theory was $0.05/unit, which amounts to $25 Million. Apple can also exact pressure as it knows that it can frustrate the WiLan sale process. Why settle until you know what the damages theory is?
3. Also watch for employee expense inflation on the ITS business as well as semiconductor costs and resulting margin compression. Tech firms are seeing it everywhere.
4. Technically, below all the major Moving Averages. About to see the "death cross" emerge in about 10 days or so.
5. Financing of tech firms is getting more expensive. Difficult to finance takeovers of firms if the capital markets is turning a cold shoulder to the sectors as interest rates rise and this is the most interest rate sensitive sector now.