As the dominant species in the market today what Apple does has a massive influence on the S&P 500 and especially the NASDAQ. Late Friday, it was announced the company won a major lawsuit patent case versus Samsung. The stock is up nearly 3% in premarket as I type to the $282s, extending a very impressive run here the past few weeks. As we saw in the spring/summer the market suffered when Apple consolidated/retraced and obviously the inverse should be true most of the time.
- Apple was awarded $1.05 billion in damages after a U.S. jury found the Korean company had copied critical features of the iPhone and iPad. The jury said that all seven patents that Apple presented at the center of its case were valid and that the South Korean electronics giant willfully infringed on six of them. The jury rejected all of Samsung’s claims that Apple infringed on five of its patents. Samsung was asking for up to $421.8 million in royalties from those claims.
- The verdict could lead to an outright ban on sales of key Samsung products. "While a ban would likely increase Apple's leading smartphone share in the U.S. market, we believe this verdict could lead to Samsung also delaying near-term product launches as it attempts to design around Apple's patents," Canaccord Genuity analysts said in a note.
On the other hand, this looks like a penalty to Android systems, and Google (GOOG) is down over 2% in premarket.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog