Apple stock soars to all-time intraday, closing high after favorable verdictShares of Apple stock reached all-time intraday trading and closing highs on Monday, driven by a favorable ruling in the company's high-stakes patent dispute against Samsung which found the Korean electronics maker liable for over $1 billion in damages.
In the first day of trading since the Apple v. Samsung ruling on Friday, shares of the Cupertino company blew past the former record of $668.87 to reach $675.68 at the end of trading, up $12.86, or 1.88.
AAPL stock opened the day at $676.91 and hit a new intraday trading high of just over $680.87 thirty minutes later.
Apples leading market value was boosted over $12 billion to reach $633.39 billion, a contrast to Samsung shares which lost roughly the same amount as its stock tumbled some 7.5 percent on Monday.
The stock surge comes as a direct result of Apple's significant win over Samsung in a patent trial decided on Friday. After just 21 hours of deliberations, the Apple v. Samsung jury returned a judgment, finding the Korean company had violated a number of Apple design and utility patents. The iPhone maker was awarded nearly $1.05 billion in damages while Samsung was unable to successfully argue any of its counterclaims.
Source: Google Finance
Apple has subsequently filed a motion to ban sales of eight infringing handsets, seeking a preliminary injunction ahead of a potential final injunction against the Samsung devices.
For its part, Samsung on Sunday requested that a previous preliminary injunction against the Galaxy Tab 10.1 be dissolved, citing jury findings that the device does not infringe on Apple's D'889 iPad design patent. While the Galaxy Tab was found to be in violation of a number of Apple's software patents, the sales ban was based on the design patent alone. Samsung is asking the court to retain Apple's $2.6 million bond in lieu of a damages hearing.
On Topic: Investor
- Morgan Stanley raises Apple target to $160, citing strength as a 'platform company'
- German investment firm Berenberg predicts doom for Apple, sets price target of $60
- Apple closes in on $775B market cap, now twice as large as No. 2 Exxon Mobil
- Apple remains institutional investors' most-loved stock with $383B in holdings
- RBC says Apple could fund $65B+ annual capital return program, raises target to $140