Apple Shares Drop on Bad Trial News, New Trial Date Set for 14 Samsung Products
March 4, 2013 1:52 PM
comment(s) - last by
Samsung gets a nice boost from court win
Judge Lucy Koh
U.S. District Court for the Northern District of California
dropped a bombshell on Apple
, Inc. (
), effectively tossing $400M USD in damages from the $1.05B USD jury verdict against Samsung Electronics Comp., Ltd. (
The modification was due to a mistake in how the damages were calculated by the jury on 14 products. At least part of that sum may come back, as Judge Koh ordered the two to participate in a new damages trial. The products involved in that trial will be Samsung's:
Galaxy SII for AT&T
Nexus S 4G
Judge Koh writes, "The court has identified an impermissible legal theory on which the jury based its award and cannot reasonably calculate the amount of excess while effectuating the intent of the jury."
[Image Source: Reuters]
Samsung, while disappointed at Judge Koh's decision not to review the merit of the verdict, cheered the damage vacation,
, "We are pleased that the court decided to strike $450,514,650 from the jury's award. Samsung intends to seek further review as to the remaining award."
Apple shares fell nearly 1.8 percent on the news, while Samsung shares rallied 1.1 percent upwards.
Samsung will be appealing the overall verdict in the appeals circuit. The South Korean phone giant should be aided by the fact that the
U.S. Patent and Trademark Office
(USPTO) has filed preliminary invalidation rulings regarding
two of the
key Apple utility patents
involved in the case. Samsung faces one other additional trial in which Apple
claims patent violations
against Samsung's newer products.
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RE: Talk about overreaction
3/4/2013 10:31:40 PM
The market is reaction to the news not lining up with predictions of analysts. Reality was worse then predictions, so share prices drop.
I've seen share prices drop on companies making a record profit, rising revenue with 5% but the analysts expected 6% so the company must be overvalued and share prices drop.
Not that it even matters since the whole stock market is one big fed rigged casino right now. Remember that big deal about cutting $85 billion a year off the federal deficit? That's the same amount as the fed is printing
in fresh new cash pumped into the stock market to keep it afloat.
The writing has been on the wall for apple since the Ipad. Phone sales started to slow down to the point where they had to innovate, and what they came with was a bigger iphone. And soon a smaller one. It's just that the hedge funds are catching up to that fact.
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