When markets are tough, activist investors become highly vocal, and in many cases, they are shouting for one thing – company break-ups. Often, they get their way, as seen at Motorola, eBay and others, claiming to unlock shareholder value and improve acquisition chances. The latest target is Qualcomm, which is under pressure from activist hedge fund Jana Partners to separate its licensing and chip divisions. The fact that CEO Steve Mollenkopf is being forced to take this seriously shows how difficult the smartphone sector, Qualcomm’s main market, is right now, though it also highlights risks which are peculiar to Qualcomm, notably the antitrust investigations which are piling up round the world. Qualcomm may have reached the end of the road…