Qualcomm (Nasdaq: QCOM) on Friday saw European patents for its Code Division Multiple Access (CDMA) digital wireless technology upheld against a challenge from Nokia (NYSE: NOK).
Shares of Qualcomm were up 1.99 to 74.66. Nokia shed 2.06 to 39.38.
The European Patent Office rejected Nokia's challenge to all claims and ruled that the Qualcomm patent had the required novelty and inventiveness. The patents in question covered important features of Qualcomm's current and third-generation CDMA technology.
The patent technologies covered in the three patents dealt with processes to improve the use of bandwidth, voice data frequency and cell phone monitoring.
Qualcomm recently delayed the IPO of its Spinco unit, the popular name for the Qualcomm's CDMA digital wireless technology division, citing unfavorable market conditions due to the slump in chip stocks.
Qualcomm also got a boost from Lehman Bros. as the firm reiterated its "buy" rating on the company's stock. According to the research note, there is growing evidence that carriers may be upgrading to Qualcomm's 1X-CDMA technology.