Short sellers are betting against Qualcomm (QCOM). March short interest in the stock went up 10.7 million shares to 29.7 million.

Qualcomm’s litany of problems would certainly be a reasonable cause. The firm’s licensing agreement with its largest customer Nokia (NOK) expires in two weeks. The companies are locked in an ugly royalty dispute.

Qualcomm is also in the midst of an intellectual property fight with Broadcom (BRCM), and the ITC has ruled against Qualcomm in the early stages.

Most investors probably want to steer clear of the shares completely. The stock has moved up 12% this year, but is still off sharply over the last 52 weeks. It would not take much bad news to wipe that 12% out.

Douglas A. McIntyre

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