http://blogs.barrons.com/stockstowatchtoday/2015/05/04/live-from-sohn-jana-defends-activism-qualcomm/
"Qualcomm has doubled headcount, contributing to a bloated cost structure, while R&D hasn’t been well managed, the board is over-tenured, and insiders have been selling. As a result, margins are well below previous peaks.
So Jana has recommended that company reduce costs, improve disclosures, get new members onto the board and accelerate capital return to boost long-term value creation. Some of these steps have already been taken. Qualcomm has already begun a cost review, but more can be done."