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Street Name
It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Telecom
Thursday, July 24, 2008
NOKIA CORPORATION - Nokia and Qualcomm enter into new agreement
Comtex
Jul 24, 2008 (PR Newswire Europe via COMTEX) ----
Nokia and Qualcomm enter into a new agreement Companies agree to settle all litigation Espoo, Finland and San Diego,
USA - Nokia (NYSE: NOK) and Qualcomm (Nasdaq: QCOM) today announced that they have entered into a new agreement covering various
standards including GSM, EDGE, CDMA, WCDMA, HSDPA, OFDM, WiMax, LTE and other technologies. The agreement will result in settlement
of all litigation between the companies, including the withdrawal by Nokia of its complaint to the European Commission. Under
the terms of the new 15 year agreement, Nokia has been granted a license under all Qualcomm's patents for use in Nokia's mobile
devices and Nokia Siemens Networks infrastructure equipment. Further, Nokia has agreed not to use any of its patents directly
against Qualcomm, enabling Qualcomm to integrate Nokia's technology into Qualcomm's chipsets. The financial structure of the
settlement includes an up-front payment and on-going royalties payable to Qualcomm. Nokia has agreed to assign ownership of
a number of patents to Qualcomm, including patents declared as essential to WCDMA, GSM and OFDMA. The specific terms are confidential.
"We believe that this agreement is positive for the industry, enabling the market to benefit from innovation and new technologies,"
said Olli-Pekka Kallasvuo, CEO of Nokia Corporation. "The positive financial impact of this agreement is within Nokia's original
expectations and fully reflects our leading intellectual property and market positions." "I'm very pleased that we have come
to this important agreement." said Paul Jacobs, CEO of Qualcomm. "The terms of the new license agreement, including the financial
and other value provided to Qualcomm, reflect our strong intellectual property position across many current and future generation
technologies. This agreement paves the way for enhanced opportunities between the companies in a number of areas." About Nokia
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications
industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation,
video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services,
as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services
for communications networks through Nokia Siemens Networks. About Qualcomm Qualcomm Incorporated (www.qualcomm.com) is a leader
in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced
technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 500 Index and is a 2008 FORTUNE 500(R)
company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM. Media and Investor Contacts: Nokia Nokia, Communications
Anne Eckert Tel. + 85 269 716918 Nokia, North America Communications Laurie Armstrong Tel. +1 914 368 0423 Nokia Communications
Tel. +358 7180 34900 Email: press.services@nokia.com Investor Relations Europe, tel. +358 7180 34289 Investor Relations US,
tel. +1 914 368 0555 Qualcomm Christine Trimble, Corporate Communications Phone: 1-858-845-5959 Email: corpcomm@qualcomm.com
John Gilbert, Investor Relations Phone: 1-858-658-4813 Email: ir@qualcomm.com Nokia Forward Looking Statements It should be
noted that certain statements herein which are not historical facts, including, without limitation, those regarding: A) the
timing of product, services and solution deliveries; B) our ability to develop, implement and commercialize new products,
services, solutions and technologies; C) expectations regarding market growth, developments and structural changes; D) expectations
regarding our mobile device volume growth, market share, prices and margins; E) expectations and targets for our results of
operations; F) the outcome of pending and threatened litigation; G) expectations regarding the successful completion of contemplated
acquisitions on a timely basis and our ability to achieve the set targets upon the completion of such acquisitions; and H)
statements preceded by "believe," "expect," "anticipate," "foresee," "target," "estimate," "designed," "plans," "will" or
similar expressions are forward-looking statements. These statements are based on management's best assumptions and beliefs
in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ
materially from the results that we currently expect. Factors that could cause these differences include, but are not limited
to: 1) competitiveness of our product, service and solutions portfolio; 2) the extent of the growth of the mobile communications
industry and general economic conditions globally; 3) the growth and profitability of the new market segments that we target
and our ability to successfully develop or acquire and market products, services and solutions in those segments; 4) our ability
to successfully manage costs; 5) the intensity of competition in the mobile communications industry and our ability to maintain
or improve our market position or respond successfully to changes in the competitive landscape; 6) the impact of changes in
technology and our ability to develop or otherwise acquire complex technologies as required by the market, with full rights
needed to use; 7) timely and successful commercialization of complex technologies as new advanced products, services and solutions;
8) our ability to protect the complex technologies, which we or others develop or that we license, from claims that we have
infringed third parties' intellectual property rights, as well as our unrestricted use on commercially acceptable terms of
certain technologies in our products, services and solution offerings; 9) our ability to protect numerous Nokia and Nokia
Siemens Networks patented, standardized or proprietary technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 10) Nokia Siemens Networks' ability to achieve the expected benefits
and synergies from its formation to the extent and within the time period anticipated and to successfully integrate its operations,
personnel and supporting activities; 11) whether, as a result of investigations into alleged violations of law by some current
or former employees of Siemens AG ("Siemens"), government authorities or others take further actions against Siemens and/or
its employees that may involve and affect the carrier-related assets and employees transferred by Siemens to Nokia Siemens
Networks, or there may be undetected additional violations that may have occurred prior to the transfer, or ongoing violations
that may have occurred after the transfer, of such assets and employees that could result in additional actions by government
authorities; 12) any impairment of Nokia Siemens Networks customer relationships resulting from the ongoing government investigations
involving the Siemens >carrier-related operations transferred to Nokia Siemens Networks; 13) occurrence of any actual or
even alleged defects or other quality issues in our products, services and solutions; 14) our ability to manage efficiently
our manufacturing and logistics, as well as to ensure the quality, safety, security and timely delivery of our products, services
and solutions; 15) inventory management risks resulting from shifts in market demand; 16) our ability to source sufficient
amounts of fully functional components and sub-assemblies without interruption and at acceptable prices; 17) any disruption
to information technology systems and networks that our operations rely on; 18) developments under large, multi-year contracts
or in relation to major customers; 19) economic or political turmoil in emerging market countries where we do business; 20)
our success in collaboration arrangements relating to development of technologies or new products, services and solutions;
21) the success, financial condition and performance of our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the euro, which is our reporting currency, and the US dollar,
the Chinese yuan, the UK pound sterling and the Japanese yen, as well as certain other currencies; 23) the management of our
customer financing exposure; 24) allegations of possible health risks from electromagnetic fields generated by base stations
and mobile devices and lawsuits related to them, regardless of merit; 25) unfavorable outcome of litigations; 26) our ability
to recruit, retain and develop appropriately skilled employees; 27) the impact of changes in government policies, laws or
regulations; and 28) our ability to effectively and smoothly implement our new organizational structure; as well as the risk
factors specified on pages 10-25 of Nokia's annual report on Form 20-F for the year ended December 31, 2007 under "Item 3.D
Risk Factors." Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the forward-looking statements. Nokia does not undertake any obligation
to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise,
except to the extent legally required. Qualcomm Forward Looking Statements Except for the historical information contained
herein, this news release contains forward-looking statements that are subject to risks and uncertainties, including Qualcomm's
ability to successfully design and have manufactured significant quantities of CDMA components on a timely and profitable
basis, the extent and speed to which CDMA is deployed, change in economic conditions of the various markets the Company serves,
as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for
the year ended September 30, 2007, and most recent Form 10-Q. www.nokia.com END Copyright (C) 2008 PR Newswire Europe ********************************************************************** As of Sunday, 07-20-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 07-18-2008 for NOK @ $27.45. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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