Apple Rises on Samsung Mobile Patent Infringement Ruling
Apple Inc. (AAPL) climbed 1.9 percent to close at a record high after a U.S. jury found that Samsung Electronics Co. infringed on six of its mobile-device patents.
The shares of Cupertino, California-based Apple rose to $675.68 at the close in New York. Apple has gained 67 percent this year.
A California court on Aug. 24 ruled that Suwon, South Korea-based Samsung must pay more than $1.05 billion in damages in the first lawsuit between the dominant global smartphone rivals to go before a U.S. jury.
A judge scheduled a hearing next month to consider Apple’s request for a permanent U.S. sales ban on devices such as the Galaxy S and S II smartphones and the Galaxy Tab 10.1 computer. A ban may undermine Samsung’s grip on a smartphone market valued at $219.1 billion by Bloomberg Industries and set a precedent for rival handset makers that use Google Inc.’s Android operating system.
In a court filing today, Apple sought a ban on eight models of Samsung’s smartphones, including several of its Galaxy S devices.
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